Convert at the transaction date's FX rate, auto-fetched from the API

Processing now seeds fx_rates_daily from the provider (Frankfurter) over the
closing's actual transaction span, and the AR Ledger / daily FX table convert
each dated movement at the rate effective on its own date: exact fixing, else
the previous banking day's fixing (weekends/holidays), else the month rate.
Manual daily overrides are preserved by the auto-fetch and never carry forward.
Provider outages never block the close - they surface as a warning exception.
New AR_FX_AUTO_DAILY env toggle (default on; forced off in tests).

Co-Authored-By: Claude Fable 5 <noreply@anthropic.com>

ar-aging-app/.env.example

@@ -26,6 +26,10 @@ AR_CORS_ORIGINS=http://localhost:5173,http://127.0.0.1:5173,http://localhost:517
 
 # Exchange rates: frankfurter = free, keyless, central-bank rates
 AR_FX_PROVIDER=frankfurter
+# Processing auto-fetches the provider's DAILY rates over each closing's transaction
+# span, so dated movements convert at their own transaction date's rate. Set 0 to
+# disable (the AR Ledger's "Fetch daily rates" button still works).
+#AR_FX_AUTO_DAILY=1
 
 # Email (optional) — enables "email me a code" for password resets.
 # Preferred: the company's internal Mail API (bearer token; ask Talha/IT for the values).

ar-aging-app/backend/app/api/routes/analytics.py

@@ -12,6 +12,7 @@ opening/payout inputs the AR Ledger uses, so every tab ties back to the Overview
 """
 from __future__ import annotations
 
+import bisect
 import datetime as dt
 import json
 from collections import defaultdict
@@ -80,6 +81,34 @@ def _fx_for(db: OrmSession, session_id: int, marketplace: str) -> tuple[float, d
     return month_rate, daily
 
 
+def _effective_rate(month_rate: float, daily: dict[dt.date, tuple[float, str]]):
+    """(rate, source) effective on a transaction date.
+
+    Resolution order:
+      1. that exact date's daily row (a provider fixing, or a hand-entered rate);
+      2. the most recent PROVIDER fixing before it — a weekend/holiday has no fixing,
+         so the previous banking day's rate is still in effect. Hand-entered rates are
+         deliberate single-date overrides and never carry forward;
+      3. the marketplace month rate (also used for undated rows and the opening balance,
+         which have no transaction date).
+    """
+    fixing_dates = sorted(d for d, (_r, src) in daily.items() if (src or "") != "manual")
+
+    def resolve(d: dt.date | None) -> tuple[float, str]:
+        if d is not None:
+            hit = daily.get(d)
+            if hit is not None:
+                return hit
+            i = bisect.bisect_left(fixing_dates, d) - 1
+            if i >= 0:
+                prev = fixing_dates[i]
+                rate, src = daily[prev]
+                return rate, f"{src} {prev.isoformat()} (previous banking day)"
+        return month_rate, "month rate"
+
+    return resolve
+
+
 def _daily_rows(db: OrmSession, session_id: int, marketplace: str,
                 frm: dt.date | None, to: dt.date | None) -> list[tuple[dt.date, float, int]]:
     """Per-day (date, revenue_total, row_count) for one marketplace — NON-transfer rows.
@@ -177,13 +206,16 @@ def ledger_detail(session_id: int, marketplace: str | None = None, granularity:
     frm, to = _parse_date(date_from, "date_from"), _parse_date(date_to, "date_to")
     rows = _daily_rows(db, session_id, mkt, frm, to)
 
-    # Both currencies: USD is converted at each TRANSACTION DATE's rate (a daily override
+    # Both currencies: USD is converted at the rate EFFECTIVE ON EACH TRANSACTION DATE —
-    # when one exists, the marketplace month rate otherwise). The opening balance has no
+    # that date's fixing (auto-fetched from the provider at processing), the previous
-    # transaction date, so it converts at the month rate — the closing's official rate.
+    # banking day's fixing for weekends/holidays, the month rate as last resort. The
+    # opening balance has no transaction date, so it converts at the month rate — the
+    # closing's official rate.
     month_rate, daily = _fx_for(db, session_id, mkt)
+    effective = _effective_rate(month_rate, daily)
 
     def rate_of(d: dt.date | None) -> float:
-        return daily.get(d, (month_rate, ""))[0] if d else month_rate
+        return effective(d)[0]
 
     def new_bucket(key: str, label: str) -> dict:
         return {"key": key, "label": label, "revenue": 0.0,
@@ -303,12 +335,15 @@ def fx_daily(session_id: int, marketplace: str | None = None,
         slot[1] += amount
         slot[2] += 1
 
+    effective = _effective_rate(month_rate, daily)
     rows = []
     tot_local = tot_usd = 0.0
     for d in sorted(per):
         revenue, payout, n = per[d]
         local = revenue + payout
-        rate, source = daily.get(d, (month_rate, "month rate"))
+        # The rate effective on the transaction date; the source column discloses a
+        # previous-banking-day carry-forward, so the conversion stays auditable.
+        rate, source = effective(d)
         usd = local * rate
         tot_local += local
         tot_usd += usd

ar-aging-app/backend/app/api/routes/fx.py

@@ -29,14 +29,15 @@ def fetch_month_end_rates(session_id: int, db: OrmSession = Depends(db_dep)) ->
 
 class DailyFetchIn(BaseModel):
     marketplace: str | None = None      # default: every non-USD marketplace in the closing
-    date_from: dt.date | None = None    # default: first day of the reporting month
+    date_from: dt.date | None = None    # default: the closing's earliest dated transaction
-    date_to: dt.date | None = None      # default: month-end
+    date_to: dt.date | None = None      # default: month-end (or the latest transaction)
 
 
 @router.post("/{session_id}/fx/fetch-daily")
 def fetch_daily_rates(session_id: int, body: DailyFetchIn | None = None,
                       db: OrmSession = Depends(db_dep)) -> dict:
-    """Fill the per-date FX override table from the provider for a date range."""
+    """(Re-)fetch the per-date FX table from the provider. Processing already does this
+    automatically; the explicit fetch also replaces hand-entered overrides."""
     s = get_session_or_404(session_id, db)
     ensure_editable(s)
     body = body or DailyFetchIn()

ar-aging-app/backend/app/config.py

@@ -146,6 +146,10 @@ def email_enabled() -> bool:
 FX_PROVIDER = os.environ.get("AR_FX_PROVIDER", "frankfurter").strip().lower()
 FX_API_KEY = os.environ.get("AR_FX_API_KEY", "")
 FX_TIMEOUT_S = float(os.environ.get("AR_FX_TIMEOUT_S", "15"))
+# Processing auto-fetches the provider's DAILY rates over the closing's transaction span,
+# so dated movements convert at the rate effective on their own transaction date. Set to 0
+# to disable the automatic fetch (the AR Ledger's "Fetch daily rates" button still works).
+FX_AUTO_DAILY = os.environ.get("AR_FX_AUTO_DAILY", "1").strip().lower() not in ("0", "false", "no")
 
 
 def ensure_dirs() -> None:

ar-aging-app/backend/app/db/models.py

@@ -291,7 +291,11 @@ class FxProviderRate(Base):
 
 
 class FxRateDaily(Base):
-    """Optional per-date FX override. Falls back to the marketplace's month rate."""
+    """Per-date FX rate — auto-fetched from the provider at processing, hand-editable.
+
+    Dated movements convert at the rate effective on their transaction date: this exact
+    date's row, else the previous banking day's provider fixing, else the month rate
+    (see analytics._effective_rate)."""
     __tablename__ = "fx_rates_daily"
     id = Column(Integer, primary_key=True)
     session_id = Column(Integer, ForeignKey("sessions.id"), nullable=False)

ar-aging-app/backend/app/services/fx_service.py

@@ -18,6 +18,11 @@ Fetched rates are SUGGESTIONS: seeding writes them unconfirmed, so Control C5 st
 the close until a person reviews and confirms them for the reporting month — identical to
 the manual-entry workflow, just pre-filled with a real rate instead of the Jan-26 snapshot.
 
+Daily rates: processing auto-fetches the provider's daily fixings across the closing's
+transaction span (auto_seed_daily_fx), so every dated movement converts at the rate
+effective on ITS OWN transaction date — see api/routes/analytics.py for the resolution
+order (exact fixing → previous banking day's fixing → month rate).
+
 Failure policy: a provider error raises FxProviderError (the route answers 502 "enter rates
 manually"). DEFAULT_FX_USD is never written silently — the existing merge in jobs.py is
 already the fallback and C5 already flags unconfirmed defaults.
@@ -32,6 +37,7 @@ import urllib.error
 import urllib.parse
 import urllib.request
 
+from sqlalchemy import func as sa_func
 from sqlalchemy.orm import Session as OrmSession
 
 from ..config import FX_API_KEY, FX_PROVIDER, FX_TIMEOUT_S
@@ -257,16 +263,44 @@ def seed_session_fx(db: OrmSession, session: models.Session) -> dict:
             "rate_date": session.month_end_date.isoformat()}
 
 
-def seed_daily_fx(db: OrmSession, session: models.Session, marketplace: str | None = None,
+def _transaction_span(db: OrmSession, session_id: int) -> tuple[dt.date | None, dt.date | None]:
-                  date_from: dt.date | None = None, date_to: dt.date | None = None) -> dict:
+    """Earliest/latest dated transaction of the closing ((None, None) when nothing is dated)."""
-    """Fill fx_rates_daily from the provider for a date range (defaults: the whole month).
+    lo, hi = db.query(sa_func.min(models.Transaction.posted_date),
+                      sa_func.max(models.Transaction.posted_date)).filter(
+        models.Transaction.session_id == session_id,
+        models.Transaction.posted_date.isnot(None)).one()
 
-    Daily rows are optional per-date OVERRIDES of the month rate (analytics fx-daily),
+    def _d(v):
-    marked source=provider so hand-entered rows are distinguishable."""
+        return v if (v is None or isinstance(v, dt.date)) else dt.date.fromisoformat(str(v))
+    return _d(lo), _d(hi)
+
+
+def seed_daily_fx(db: OrmSession, session: models.Session, marketplace: str | None = None,
+                  date_from: dt.date | None = None, date_to: dt.date | None = None,
+                  overwrite_manual: bool = True) -> dict:
+    """Fill fx_rates_daily from the provider.
+
+    Default range: the span of dates the files actually contain (earliest dated
+    transaction through month-end, extended to any later transaction), widened to the
+    start of the reporting month — so every transaction converts at its own date's rate.
+    Clamped to a year before / a month after month-end, so one mis-parsed date can't
+    request a decade of history.
+
+    Daily rows are what the ledger converts dated movements with (analytics),
+    marked source=provider so hand-entered rows are distinguishable. With
+    overwrite_manual=False (the automatic post-processing seed), rows a person typed
+    stay untouched; the explicit Fetch button replaces them."""
     if session.month_end_date is None:
         raise FxProviderError("Set the month-end date first.")
-    date_to = date_to or session.month_end_date
+    month_end = session.month_end_date
-    date_from = date_from or session.month_end_date.replace(day=1)
+    if date_from is None or date_to is None:
+        lo, hi = _transaction_span(db, session.id)
+        if date_from is None:
+            date_from = min(lo or month_end.replace(day=1), month_end.replace(day=1))
+            date_from = max(date_from, month_end - dt.timedelta(days=366))
+        if date_to is None:
+            date_to = max(hi or month_end, month_end)
+            date_to = min(date_to, month_end + dt.timedelta(days=31))
     if date_from > date_to:
         raise FxProviderError("date_from is after date_to.")
 
@@ -297,6 +331,8 @@ def seed_daily_fx(db: OrmSession, session: models.Session, marketplace: str | No
                                          rate_date=day)
                 db.add(row)
                 existing[(mkt, day)] = row
+            elif not overwrite_manual and (row.source or "") == "manual":
+                continue                    # a person typed this rate — keep it
             row.rate = round(rate, 6)
             row.source = provider.name
             saved += 1
@@ -306,3 +342,26 @@ def seed_daily_fx(db: OrmSession, session: models.Session, marketplace: str | No
     return {"saved": saved, "date_from": date_from.isoformat(),
             "date_to": date_to.isoformat(), "provider": provider.name,
             "marketplaces": sorted({m for m, _ in targets})}
+
+
+def auto_seed_daily_fx(db: OrmSession, session: models.Session) -> dict:
+    """Post-processing daily-rate fetch, so every dated movement converts at the rate
+    effective on its own transaction date without anyone clicking anything.
+
+    Advisory by design — it NEVER raises: a provider outage must not fail the close
+    (conversion falls back to the last available fixing, then the month rate, and
+    jobs.py surfaces the shortfall as an exception). Hand-entered daily rates are
+    preserved; only provider rows are refreshed."""
+    try:
+        rows = _session_fx_targets(db, session)
+        if not any((r.currency or currency_for_region(r.marketplace)) != "USD"
+                   for r in rows):
+            return {"skipped": "USD-only closing", "saved": 0}
+        return seed_daily_fx(db, session, overwrite_manual=False)
+    except FxProviderError as e:
+        logger.warning("daily FX auto-seed failed for session %s: %s", session.id, e)
+        return {"error": str(e), "saved": 0}
+    except Exception as e:  # noqa: BLE001 — advisory; never fail the close over FX
+        logger.exception("daily FX auto-seed crashed for session %s", session.id)
+        db.rollback()
+        return {"error": f"{type(e).__name__}: {e}", "saved": 0}

ar-aging-app/backend/app/services/jobs.py

@@ -5,6 +5,7 @@ import logging
 import time
 import traceback
 
+from ..config import FX_AUTO_DAILY
 from ..core.pipeline import process
 from ..core.i18n import CURRENCY_BY_REGION, DEFAULT_FX_USD, currency_for_region, default_fx_for_region
 from ..db import models
@@ -134,6 +135,26 @@ def run_processing(session_id: int) -> None:
                     source="default (Jan-26 workbook)"))
         db.commit()
 
+        # Daily FX from the provider, covering the span of dates the files actually
+        # contain, so every dated movement converts at the rate effective on ITS OWN
+        # transaction date (ledger / fx-daily). Advisory: a provider outage never blocks
+        # the close — conversion falls back to the last available fixing, then the month
+        # rate, and the shortfall is surfaced below as an exception.
+        if FX_AUTO_DAILY:
+            progress("Fetching daily FX rates", 0.97)
+            from .fx_service import auto_seed_daily_fx
+            fx_daily_out = auto_seed_daily_fx(db, session)
+            if fx_daily_out.get("error"):
+                db.add(models.Exception_(
+                    session_id=session_id, category="fx_daily_unavailable",
+                    severity="warning",
+                    detail=(f"Daily exchange rates could not be fetched from the provider "
+                            f"({fx_daily_out['error']}). Dated movements convert at "
+                            f"previously fetched daily rates or the month rate until "
+                            f"'Fetch daily rates' on the AR Ledger tab succeeds."),
+                    source="fx provider"))
+                db.commit()
+
         # Journal-entry decomposition (separate pass; part of the close).
         try:
             progress("Building journal entry", 0.98)

ar-aging-app/backend/tests/conftest.py

@@ -23,6 +23,12 @@ import pytest
 _TEST_DATA_DIR = Path(tempfile.mkdtemp(prefix="ar-aging-tests-"))
 os.environ["AR_DATA_DIR"] = str(_TEST_DATA_DIR)
 
+# Processing auto-fetches daily FX rates from the provider (jobs.FX_AUTO_DAILY); tests
+# must never touch the network, so the automatic fetch is forced off for the whole suite.
+# The FX tests exercise seeding explicitly through a mocked HTTP layer — including one
+# integration test that re-enables the flag with monkeypatch (test_fx_service.py).
+os.environ["AR_FX_AUTO_DAILY"] = "0"
+
 _PROD_DB = os.environ.get("MYSQL_DATABASE", "")
 TEST_DB_NAME = os.environ.get("AR_TEST_MYSQL_DATABASE", "ar_aging_pytest")
 os.environ["MYSQL_DATABASE"] = TEST_DB_NAME

ar-aging-app/backend/tests/test_fx_dashboard.py

@@ -76,3 +76,30 @@ def test_ledger_detail_shows_usd_at_transaction_date_rates():
 
         # The local-currency figures are untouched by the daily override.
         assert per["2026-01-15"]["balance"] == per["2026-01-15"]["balance_usd"] - 500.0
+
+
+def test_weekend_transactions_use_the_previous_banking_days_fixing():
+    """2026-01-10 is a Saturday — no fixing is published. The rate effective on it is the
+    previous banking day's PROVIDER fixing (Friday the 9th), not the month rate. Manual
+    rates never carry forward: they are deliberate single-date overrides (which is also
+    why the test above sees the month rate everywhere but Jan 15)."""
+    init_db()
+    with TestClient(app) as c:
+        sid = _fresh(c, "weekend carry forward")
+        assert c.put(f"/api/sessions/{sid}/fx-daily", json=[
+            {"marketplace": "USA", "rate_date": "2026-01-09", "rate": 1.5,
+             "source": "frankfurter"},
+        ]).status_code == 200
+
+        d = c.get(f"/api/sessions/{sid}/ledger-detail").json()
+        per = {p["key"]: p for p in d["periods"]}
+        # Saturday's revenue converts at Friday's fixing: 300 × 1.5.
+        assert per["2026-01-10"]["revenue_usd"] == 450.0
+
+        fxd = c.get(f"/api/sessions/{sid}/fx-daily").json()
+        by_date = {r["date"]: r for r in fxd["rows"]}
+        assert by_date["2026-01-10"]["rate"] == 1.5
+        assert "2026-01-09" in by_date["2026-01-10"]["source"]   # carry-forward disclosed
+        # Dates before the first fixing still fall back to the month rate.
+        assert by_date["2026-01-05"]["rate"] == 1.0
+        assert by_date["2026-01-05"]["source"] == "month rate"

ar-aging-app/backend/tests/test_fx_service.py

@@ -18,10 +18,11 @@ from app.services import fx_service
 @pytest.fixture()
 def fake_frankfurter(monkeypatch):
     """Replace the HTTP layer with a fixture: 1 USD = 0.85 EUR on 2029-06-29 (Friday)."""
-    calls = {"n": 0}
+    calls = {"n": 0, "urls": []}
 
     def fake_get(url: str) -> dict:
         calls["n"] += 1
+        calls["urls"].append(url)
         if ".." in url:                                    # time-series request
             return {"base": "USD", "rates": {
                 "2029-06-28": {"EUR": 0.86},
@@ -137,3 +138,146 @@ def test_daily_fetch_fills_fx_rates_daily(fake_frankfurter):
             assert all(row.source == "frankfurter" for row in rows)
         finally:
             db.close()
+
+
+def test_daily_fetch_defaults_to_the_transaction_span(fake_frankfurter):
+    """No explicit range → the provider is asked for the span the files actually cover
+    (earliest dated transaction through month-end), so pre-month rows convert at their
+    own date's rate too."""
+    init_db()
+    with TestClient(app) as c:
+        sid = _session_with_fx(c, "fx daily span", "2029-06-30")
+        db = SessionLocal()
+        try:
+            db.add(models.Transaction(session_id=sid, marketplace="Germany",
+                                      posted_date=dt.date(2029, 5, 20), total=100.0))
+            db.add(models.Transaction(session_id=sid, marketplace="Germany",
+                                      posted_date=dt.date(2029, 6, 12), total=50.0))
+            db.commit()
+        finally:
+            db.close()
+        r = c.post(f"/api/sessions/{sid}/fx/fetch-daily", json={})
+        assert r.status_code == 200, r.text
+        body = r.json()
+        assert body["date_from"] == "2029-05-20"           # earliest dated transaction
+        assert body["date_to"] == "2029-06-30"             # through month-end
+        series_url = next(u for u in fake_frankfurter["urls"] if ".." in u)
+        assert "2029-05-20..2029-06-30" in series_url
+
+
+def test_auto_seed_preserves_manual_daily_overrides(fake_frankfurter):
+    """The automatic post-processing seed refreshes provider rows but never clobbers a
+    rate a person typed; only the explicit Fetch button replaces manual overrides."""
+    init_db()
+    with TestClient(app) as c:
+        sid = _session_with_fx(c, "fx auto manual", "2029-06-30")
+        db = SessionLocal()
+        try:
+            db.add(models.FxRateDaily(session_id=sid, marketplace="Germany",
+                                      rate_date=dt.date(2029, 6, 29), rate=2.0,
+                                      source="manual"))
+            db.commit()
+            s = db.get(models.Session, sid)
+            out = fx_service.auto_seed_daily_fx(db, s)
+            assert "error" not in out
+            rows = {r.rate_date: r for r in db.query(models.FxRateDaily).filter_by(
+                session_id=sid, marketplace="Germany")}
+            assert rows[dt.date(2029, 6, 29)].rate == 2.0              # manual kept
+            assert rows[dt.date(2029, 6, 29)].source == "manual"
+            assert rows[dt.date(2029, 6, 28)].rate == pytest.approx(1 / 0.86, abs=1e-6)
+            assert rows[dt.date(2029, 6, 28)].source == "frankfurter"
+        finally:
+            db.close()
+
+
+def test_auto_seed_is_advisory_when_the_provider_is_down(monkeypatch):
+    init_db()
+
+    def boom(url: str) -> dict:
+        raise fx_service.FxProviderError("provider down")
+
+    monkeypatch.setattr(fx_service, "_http_get_json", boom)
+    with TestClient(app) as c:
+        sid = _session_with_fx(c, "fx auto down", "2029-06-30")
+        db = SessionLocal()
+        try:
+            s = db.get(models.Session, sid)
+            out = fx_service.auto_seed_daily_fx(db, s)      # must not raise
+            assert "provider down" in out["error"]
+        finally:
+            db.close()
+
+
+def test_auto_seed_skips_usd_only_closings(monkeypatch):
+    """A USD-only close has nothing to fetch — no HTTP request, no warning."""
+    init_db()
+
+    def no_network(url: str) -> dict:
+        raise AssertionError(f"unexpected FX fetch for a USD-only closing: {url}")
+
+    monkeypatch.setattr(fx_service, "_http_get_json", no_network)
+    with TestClient(app) as c:
+        sid = c.post("/api/sessions", json={"name": "fx usd only",
+                                            "month_end_date": "2029-06-30",
+                                            "allow_duplicate": True}).json()["id"]
+        db = SessionLocal()
+        try:
+            db.add(models.FxRate(session_id=sid, marketplace="USA", currency="USD",
+                                 rate=1.0, source="default"))
+            db.commit()
+            s = db.get(models.Session, sid)
+            out = fx_service.auto_seed_daily_fx(db, s)
+            assert out.get("skipped")
+        finally:
+            db.close()
+
+
+def test_processing_auto_seeds_daily_rates_from_the_api(tmp_path, monkeypatch):
+    """End-to-end: processing fetches the provider's daily fixings for the file's span,
+    and the daily FX table converts each date at the rate effective on it — the exact
+    fixing when one exists, the previous banking day's fixing otherwise."""
+    init_db()
+    from app.services import jobs
+    from tests.test_multimarket import _make_dutch_file
+    monkeypatch.setattr(jobs, "FX_AUTO_DAILY", True)
+
+    urls: list[str] = []
+
+    def fake_get(url: str) -> dict:
+        urls.append(url)
+        assert ".." in url, "auto-seed must use a single series request"
+        return {"base": "USD", "rates": {
+            "2026-01-02": {"EUR": 0.8},
+            "2026-01-15": {"EUR": 0.9},
+        }}
+
+    monkeypatch.setattr(fx_service, "_http_get_json", fake_get)
+
+    with TestClient(app) as c:
+        sid = c.post("/api/sessions", json={
+            "name": "auto daily fx", "reporting_month": "2026-01",
+            "month_end_date": "2026-01-31", "clearing_lag_days": 2,
+            "allow_duplicate": True}).json()["id"]
+        path = tmp_path / "Netherlands Amazon Transactions January, 2026.xlsx"
+        _make_dutch_file(str(path))
+        with open(path, "rb") as fh:
+            assert c.post(f"/api/sessions/{sid}/files",
+                          files={"files": (path.name, fh)}).status_code == 200
+        assert c.post(f"/api/sessions/{sid}/process").status_code == 200
+        assert c.get(f"/api/sessions/{sid}/status").json()["status"] in (
+            "processed", "blocked")                        # blocked = unconfirmed C5, fine
+
+        # One series request, widened to the whole reporting month.
+        assert any("2026-01-01..2026-01-31" in u for u in urls)
+
+        fxd = c.get(f"/api/sessions/{sid}/fx-daily?marketplace=Netherlands").json()
+        by_date = {r["date"]: r for r in fxd["rows"]}
+        # Jan 2 converts at Jan 2's fixing (1 USD = 0.80 EUR → 1.25 USD per EUR)…
+        assert by_date["2026-01-02"]["rate"] == pytest.approx(1.25, abs=1e-6)
+        assert by_date["2026-01-02"]["source"] == "frankfurter"
+        # …Jan 6 has no fixing, so the previous banking day's rate is in effect…
+        assert by_date["2026-01-06"]["rate"] == pytest.approx(1.25, abs=1e-6)
+        assert "2026-01-02" in by_date["2026-01-06"]["source"]
+        # …and Jan 20 carries Jan 15's fixing.
+        assert by_date["2026-01-20"]["rate"] == pytest.approx(1 / 0.9, abs=1e-6)
+        assert "2026-01-15" in by_date["2026-01-20"]["source"]

ar-aging-app/docs/system-guide.md

@@ -313,7 +313,7 @@ via `cli.py`, which is what the integration tests exercise.
 | `market_payouts` | Per-marketplace received / total payouts, attributed to each settlement's **owner** |
 | `opening_balances` | Opening AR per marketplace, with source (manual / carried-forward) and reason |
 | `fx_rates` | Month FX rate + currency per marketplace |
-| `fx_rates_daily` | Optional per-date FX override |
+| `fx_rates_daily` | Per-date FX rates — auto-fetched from the provider at processing (hand-editable); dated movements convert at the rate effective on their transaction date (exact fixing → previous banking day's fixing → month rate) |
 | `reserves` | Net Closing Balance per marketplace and account |
 | `journal_entries` | The GL decomposition JSON (primary + `per_marketplace`) and entry number |
 | `finance_control` | Finance's control-sheet amounts, tolerance, sign-off and comments |

ar-aging-app/frontend/src/pages/closing/ArLedger.tsx

@@ -314,8 +314,11 @@ export default function ArLedger() {
               </table>
             </div>
             <p className="px-4 py-3 text-xs text-subink border-t border-line">
-              Rates default to the marketplace month rate ({num(fx?.month_rate, 6)}). Every rate used is
+              Daily rates are fetched from the FX provider automatically when the closing is
-              shown here so the conversion is auditable.
+              processed; each movement converts at the rate effective on its transaction date — a
+              date without a fixing (weekend or holiday) uses the previous banking day&apos;s rate.
+              The month rate ({num(fx?.month_rate, 6)}) applies to the opening balance and any date
+              with no fetched rate. Every rate used is shown here so the conversion is auditable.
             </p>
           </Section>
 
@@ -329,7 +332,9 @@ export default function ArLedger() {
   );
 }
 
-/** Fill the daily override table with official (ECB via Frankfurter) rates for the month. */
+/** Re-fetch the official (ECB via Frankfurter) daily rates for the closing's transaction
+ *  dates. Processing already fetches them automatically — this button retries after an
+ *  outage or replaces hand-entered overrides with official fixings. */
 function FetchDailyRates({ id, mkt }: { id: number; mkt: string }) {
   const qc = useQueryClient();
   const { locked } = useClosing();
@@ -348,7 +353,7 @@ function FetchDailyRates({ id, mkt }: { id: number; mkt: string }) {
         <span className="text-xs text-bad">{(fetchDaily.error as Error).message}</span>
       )}
       <button className="btn-ghost" disabled={fetchDaily.isPending || locked}
-        title="Fetch the month's official daily rates. Hand-entered overrides are replaced for the fetched dates."
+        title="Re-fetch the official daily rates for the closing's transaction dates. Hand-entered overrides are replaced for the fetched dates."
         onClick={() => fetchDaily.mutate()}>
         {fetchDaily.isPending ? <Loader2 size={15} className="animate-spin" /> : <CloudDownload size={15} />}
         Fetch daily rates