Tip of the Week #150 – Updating Currency Rates in NAV

Tip of the Week #149 – Updating Currency Exchange Rates in NAV

System Developer Rikard Hult bring us this week’s helpful tip.

Many of you out there may be unaware that Yahoo shut down their finance API last year, without warning. This means that for those using the service to monitor currency exchange rates in standard Dynamics NAV are no longer receiving real-time data.

Why did Yahoo do this? Here is the notification users received in early November of last year: 

“UPDATE:  It has come to our attention that this service is being used in violation of the Yahoo Terms of Service.  As such, the service is being discontinued.  For all future markets and equities data research, please refer to finance.yahoo.com.  Thank you.”

Internet forums went ablaze with disappointed developers who had been using the open API for well over a decade.

“…it appears as though the “service” may not have been intended for developer consumption in the first place. Rather, it appears as though developers originally discovered the capability through an export-to-CSV feature that Yahoo Finance was offering to regular users of its Web site. ” (Read the article here)

This is of course important for PrintVis users who need to invoice in multiple currencies – for example, in both U.S. and Canadian dollars, as many of our North American customers do.

To activate this again you’ll need to find another exchange rate source on the internet.

If you are using USD as base currency you could use http://www.floatrates.com/daily/usd.xml with this setup:

As another example ,for those using Danish Krone as base unit this would work fine:  http://www.nationalbanken.dk/_vti_bin/DN/DataService.svc/CurrencyRatesXML?lang=en

Thank you Rikard!