Patent ID: 7337142

Claim:
In a computer-implemented system for managing financial transactions, a method for applying an exchange rate to convert a transaction from a first currency to a second currency, comprising: receiving, by a computer system, a financial transaction, including a date and a transaction amount in the first currency; accessing, by the computer system, an electronically stored plurality of historical exchange rates for the first currency with respect to the second currency, each historical exchange rate corresponding to a time period; if the date of the received financial transaction corresponds to a time period of one of the historical exchange rates, automatically selecting, by the computer system, the historical exchange rate; if the date of the received financial transaction does not correspond to a time period of one of the historical exchange rates, automatically selecting, by the computer system, a historical exchange rate having a most recent time period among available historical exchange rates having time periods prior to the date of the received financial transaction; automatically applying, by the computer system, the selected historical exchange rate to the received financial transaction, to derive a converted transaction amount in the second currency; and performing at least one of the steps of: storing the converted transaction amount in a storage medium; and outputting the converted transaction amount.