Creating and maintain currencies and their conversion rates on Pando would aid with running freight auctions in different currencies for multiple legs across georgraphies. With the currency master, you can create and maintain a repository of the currencies and their conversion factor with base currencies. This helps select different currencies while creating a freight auction event.
Accessing Currencies in Pando
To access the list of all currencies created and maintained on Pando, go to > PROCURE and select CURRENCY MASTER from the dropdown. This brings up the list of all Vehicle Types that are currently available on your Pando account.
Creating a Currency in Pando
Pando enables shippers to create and maintain currencies for procurement events individually.
- Click the ADD button. This brings up a slider which allows you to select currencies and their conversion factors.
- Select Currency One from the dropdown and define the unit value of the currency. This is the primary currency in which all bidding will be processed.
- Select Currency Two from the dropdown and define the conversion rate for this currency with respect to currency one. This is the currency in which vendors can opt to place their bids for the entire contract or certain legs of the contracts. For example, if the shipper sets USD to AED conversion factor at 3.67, then if the vendor bids in dirhams, Pando will convert it back to USD when displaying it to the shipper.
Note: The conversion between currency one and two works in both directions. i.e USD-AED conversion will also be applicable as AED-USD conversion during an auction event.
- Click . The currency with their conversion rate can now be viewed as an item on the currency master and are ready to be used.
Pando uses the conversion rate to convert all bids placed in additional currencies to the base currency.