Locale Settings

Advanced Project Settings: Locale Settings

These settings become the default settings for all lots in the project but you can define unique locale settings for each lot. See Locale Settings (Lot) for more information.

Fields in Locale Settings

Currency: Select the currency for the project. Iasta SmartSource supports most world currencies and also the most commonly used currencies with currency symbols. Other currencies are supported with the standard three-letter abbreviation.

NOTE: You can enable bidders to bid in their own currencies and view bids in your currency by applying a MetaBid factor to adjust for the bidder's currency exchange rate. For more information, refer to Using MetaBids for Currency Conversion.

Exchange Rate: Iasta SmartSource uses the exchange rate to calculate the success of the bidding project and express savings or gain in any currency. It also allows FlexBid and FlexRank calculations to accurately aggregate several lots of differing currency. The exchange rate, as set here, reflects the rate between the currency of the lot (e.g., Canadian Dollars) and the base currency of the project. (not applicable to Sealed Bid or No Live Event projects)
Significant Digits: Specify the number of decimal places used to the right of the decimal point. For example, an amount with a significant digit of "2" will display (and be used in calculations) with two decimal places (rounded to the nearest 100th). Usually, this is set to 2 for most currencies, but may be set to 0-8 digits to get the level of precision you want.
Safety Net Percent: If a safety net is in effect to protect against erroneous bids, a bidder cannot bid less than the specified percentage of the current low bid. For example, if the current low bid is $100.00, and the safety net is set to 20%, Iasta SmartSource will not allow the bidder to submit a bid lower than $80.00. If a bidder really wants to place a bid lower than $80.00, he or she must do so by submitting two or more separate bids to lower the price gradually.

Safety Net Percent is not applicable to Dutch Auction projects.

Default Time Zone: All times displayed in the Iasta SmartSource Desktop and Iasta SmartSource Portal Site are based on the time zone of the user's computer. This feature enables users to automatically view all auction information in their own local time zone. If you use the Standard Template to create a Project Document, the default time zone will be used for printing purposes.

Save as Default: Place a check mark in the box to make the settings currently on this page the default settings for all new projects.

Use these buttons to navigate:

OK: Saves changes and returns to the Project Settings page.
Cancel: Exits Advanced Settings without saving.
Help: Opens Iasta SmartSource Desktop Online Help.