The quotation tolerance interval is a value, expressed in seconds, that is used to determine whether two Currency Spot Rates records can be used to create a derived spot rate. It is needed because a set of spot rates may be created or imported into the system over a short period of time, but are considered to be in the same set even though the Date fields may have a different time value. If the time difference between the records falls within the quotation tolerance interval, the records are used by the spot rate retrieval object to calculate a derived spot rate. The quotation tolerance interval is configured in the Currency Spot Rates entity. By default, the interval is set to 60 seconds.

Quotation Tolerance Interval Example

This example shows how two Currency Spot Rates records, with the same date but different times in the Date field, are used to create a derived spot rate. In this example, the Currency Spot Rates service has two records defining currency spot rates:

The organization has previously configured the Quotation Tolerance Interval field in the Currency Spot Rates entity to a value of 600 seconds (10 minutes).
An order is created at 1:00 PM on January 15th that requires a cross rate between Japanese yen and US dollars. Since the two existing cross rates fall within the organization's quotation tolerance interval of 10 minutes, they are used to derive the cross rate of ¥115.7265 to $1.

If the two existing cross rate record fall outside of the quotation tolerance interval, a derived record is not created. If a previously derived cross rate exists, that cross rate is used for the transaction. If a previously derived cross rate does not exist, the transaction cannot be completed and an error displays.