The app uses the standard Salesforce functionality. Find below a summary of Salesforce manage currencies:
Salesforce CPQ uses standard currency exchange management. We know that some objects, for example, Quotes, are customized when CPQ is used, which means that in Salesforce there are two types of currency configurations: Basic Currency and Advance Currency (Dated); custom objects are only supported with Basic Currency.
The difference between using Basic Currency Exchange Rates and Dated Exchange Rates is that the former has no history associated with it. However, when your org makes changes to a Dated Exchange Rate, the history is preserved for tracking. This is especially helpful when exchange rates fluctuate significantly.
When a change is made to the Basic Exchange Rate, there’s no history logged to the previous rate. This change affects all opportunities, forecasts, and other amounts that use the current conversion rate; something which can significantly affect profit projections based on opportunities stored currently in the system. This is more likely to have a major impact on large, multi-national companies than on small businesses.
Currency Updater allows you to update the exchange rates for your Salesforce organization’s currencies automatically, on a periodic basis. You can choose the update frequency, source, time, and exchange type (Basic, advanced, or both).