Locale Settings (Lot)

Advanced Lot Settings: Locale Settings

These settings are pulled from settings created at the Project level but you can modify them for individual lots. See Project Settings: Locale Settings for information on setting locale defaults for all lots in the project.

Advanced Settings: Locale Settings Tab

Fields in Locale Settings

Currency: Select the currency for the lot. 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. The value in this field is not currently displayed in any other window, document, or template. It will, however, appear for the lot during the Live Event.

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's currency, as set on the Project Settings: Locale Settings page. (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.
Default Time Zone: Not available for lot locale settings. You must set the time zone in Advanced Project Settings.

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 lot properties page.

Cancel: Exits Advanced Settings without saving.
Help: Opens Iasta SmartSource Desktop Online Help.