diff --git a/erpnext/accounts/doctype/journal_entry/journal_entry.js b/erpnext/accounts/doctype/journal_entry/journal_entry.js
index 06ba5dfe086..c98e77fdd24 100644
--- a/erpnext/accounts/doctype/journal_entry/journal_entry.js
+++ b/erpnext/accounts/doctype/journal_entry/journal_entry.js
@@ -35,6 +35,14 @@ frappe.ui.form.on("Journal Entry", {
 
 	multi_currency: function(frm) {
 		erpnext.journal_entry.toggle_fields_based_on_currency(frm);
+	},
+	
+	posting_date: function(frm) {
+		if(!frm.doc.multi_currency) return;
+		
+		$.each(frm.doc.accounts || [], function(i, row) {
+			erpnext.journal_entry.set_exchange_rate(frm, row.doctype, row.name);
+		})
 	}
 })
 
@@ -345,7 +353,7 @@ frappe.ui.form.on("Journal Entry Account", {
 			});
 		}
 	},
-
+	
 	debit_in_account_currency: function(frm, cdt, cdn) {
 		erpnext.journal_entry.set_exchange_rate(frm, cdt, cdn);
 	},
@@ -420,6 +428,7 @@ $.extend(erpnext.journal_entry, {
 			frappe.call({
 				method: "erpnext.accounts.doctype.journal_entry.journal_entry.get_exchange_rate",
 				args: {
+					posting_date: frm.doc.posting_date,
 					account: row.account,
 					account_currency: row.account_currency,
 					company: frm.doc.company,
diff --git a/erpnext/accounts/doctype/journal_entry/journal_entry.py b/erpnext/accounts/doctype/journal_entry/journal_entry.py
index 2f3b101f33a..cd793635029 100644
--- a/erpnext/accounts/doctype/journal_entry/journal_entry.py
+++ b/erpnext/accounts/doctype/journal_entry/journal_entry.py
@@ -326,8 +326,9 @@ class JournalEntry(AccountsController):
 			if d.account_currency == self.company_currency:
 				d.exchange_rate = 1
 			elif not d.exchange_rate or d.exchange_rate == 1 or \
-				(d.reference_type in ("Sales Invoice", "Purchase Invoice") and d.reference_name):
-					d.exchange_rate = get_exchange_rate(d.account, d.account_currency, self.company,
+				(d.reference_type in ("Sales Invoice", "Purchase Invoice") and d.reference_name and d.posting_date):
+					# Modified to include the posting date for which to retreive the exchange rate
+					d.exchange_rate = get_exchange_rate(self.posting_date, d.account, d.account_currency, self.company,
 						d.reference_type, d.reference_name, d.debit, d.credit, d.exchange_rate)
 
 			if not d.exchange_rate:
@@ -648,7 +649,9 @@ def get_payment_entry(ref_doc, args):
 	cost_center = frappe.db.get_value("Company", ref_doc.company, "cost_center")
 	exchange_rate = 1
 	if args.get("party_account"):
-		exchange_rate = get_exchange_rate(args.get("party_account"), args.get("party_account_currency"),
+		# Modified to include the posting date for which the exchange rate is required. 
+		# Assumed to be the posting date in the reference document
+		exchange_rate = get_exchange_rate(ref_doc.posting_date, args.get("party_account"), args.get("party_account_currency"),
 			ref_doc.company, ref_doc.doctype, ref_doc.name)
 
 	je = frappe.new_doc("Journal Entry")
@@ -681,7 +684,9 @@ def get_payment_entry(ref_doc, args):
 	bank_account = get_default_bank_cash_account(ref_doc.company, "Bank", account=args.get("bank_account"))
 	if bank_account:
 		bank_row.update(bank_account)
-		bank_row.exchange_rate = get_exchange_rate(bank_account["account"],
+		# Modified to include the posting date for which the exchange rate is required. 
+		# Assumed to be the posting date of the reference date
+		bank_row.exchange_rate = get_exchange_rate(ref_doc.posting_date, bank_account["account"],
 			bank_account["account_currency"], ref_doc.company)
 
 	bank_row.cost_center = cost_center
@@ -805,7 +810,10 @@ def get_account_balance_and_party_type(account, date, company, debit=None, credi
 		"party_type": party_type,
 		"account_type": account_details.account_type,
 		"account_currency": account_details.account_currency or company_currency,
-		"exchange_rate": get_exchange_rate(account, account_details.account_currency,
+		
+		# The date used to retreive the exchange rate here is the date passed in 
+		# as an argument to this function. It is assumed to be the date on which the balance is sought
+		"exchange_rate": get_exchange_rate(date, account, account_details.account_currency,
 			company, debit=debit, credit=credit, exchange_rate=exchange_rate)
 	}
 
@@ -815,8 +823,9 @@ def get_account_balance_and_party_type(account, date, company, debit=None, credi
 
 	return grid_values
 
+# Added posting_date as one of the parameters of get_exchange_rate
 @frappe.whitelist()
-def get_exchange_rate(account, account_currency=None, company=None,
+def get_exchange_rate(posting_date, account, account_currency=None, company=None,
 		reference_type=None, reference_name=None, debit=None, credit=None, exchange_rate=None):
 	from erpnext.setup.utils import get_exchange_rate
 	account_details = frappe.db.get_value("Account", account,
@@ -842,9 +851,10 @@ def get_exchange_rate(account, account_currency=None, company=None,
 				(account_details.root_type == "Liability" and debit)):
 			exchange_rate = get_average_exchange_rate(account)
 
-		if not exchange_rate and account_currency:
-			exchange_rate = get_exchange_rate(account_currency, company_currency)
-
+		# The date used to retreive the exchange rate here is the date passed 
+		# in as an argument to this function.
+		if not exchange_rate and account_currency and posting_date:
+			exchange_rate = get_exchange_rate(account_currency, company_currency, posting_date)
 	else:
 		exchange_rate = 1
 
diff --git a/erpnext/accounts/doctype/payment_entry/payment_entry.js b/erpnext/accounts/doctype/payment_entry/payment_entry.js
index 1f6199e0523..d3dbd314cc7 100644
--- a/erpnext/accounts/doctype/payment_entry/payment_entry.js
+++ b/erpnext/accounts/doctype/payment_entry/payment_entry.js
@@ -327,6 +327,7 @@ frappe.ui.form.on('Payment Entry', {
 		frappe.call({
 			method: "erpnext.setup.utils.get_exchange_rate",
 			args: {
+				transaction_date: frm.doc.posting_date,
 				from_currency: from_currency,
 				to_currency: to_currency
 			},
@@ -335,6 +336,10 @@ frappe.ui.form.on('Payment Entry', {
 			}
 		})
 	},
+	
+	posting_date: function(frm) {
+		frm.events.paid_from_account_currency(frm);
+	},
 
 	source_exchange_rate: function(frm) {
 		if (frm.doc.paid_amount) {
@@ -425,6 +430,7 @@ frappe.ui.form.on('Payment Entry', {
 			method: 'erpnext.accounts.doctype.payment_entry.payment_entry.get_outstanding_reference_documents',
 			args: {
 				args: {
+					"posting_date": frm.doc.posting_date,
 					"company": frm.doc.company,
 					"party_type": frm.doc.party_type,
 					"payment_type": frm.doc.payment_type,
diff --git a/erpnext/accounts/doctype/payment_entry/payment_entry.py b/erpnext/accounts/doctype/payment_entry/payment_entry.py
index d4f8edbb6f7..3e10b515498 100644
--- a/erpnext/accounts/doctype/payment_entry/payment_entry.py
+++ b/erpnext/accounts/doctype/payment_entry/payment_entry.py
@@ -153,11 +153,11 @@ class PaymentEntry(AccountsController):
 				self.source_exchange_rate = get_average_exchange_rate(self.paid_from)
 			else:
 				self.source_exchange_rate = get_exchange_rate(self.paid_from_account_currency, 
-					self.company_currency)
+					self.company_currency, self.posting_date)
 		
 		if self.paid_to and not self.target_exchange_rate:
 			self.target_exchange_rate = get_exchange_rate(self.paid_to_account_currency, 
-				self.company_currency)
+				self.company_currency, self.posting_date)
 				
 	def validate_mandatory(self):
 		for field in ("paid_amount", "received_amount", "source_exchange_rate", "target_exchange_rate"):
@@ -482,12 +482,12 @@ def get_outstanding_reference_documents(args):
 				d["exchange_rate"] = frappe.db.get_value(d.voucher_type, d.voucher_no, "conversion_rate")
 
 	# Get all SO / PO which are not fully billed or aginst which full advance not paid
-	orders_to_be_billed =  get_orders_to_be_billed(args.get("party_type"), args.get("party"), 
+	orders_to_be_billed =  get_orders_to_be_billed(args.get("posting_date"),args.get("party_type"), args.get("party"), 
 		party_account_currency, company_currency)
 	
 	return negative_outstanding_invoices + outstanding_invoices + orders_to_be_billed
 	
-def get_orders_to_be_billed(party_type, party, party_account_currency, company_currency):
+def get_orders_to_be_billed(posting_date, party_type, party, party_account_currency, company_currency):
 	voucher_type = 'Sales Order' if party_type == "Customer" else 'Purchase Order'
 
 	ref_field = "base_grand_total" if party_account_currency == company_currency else "grand_total"
@@ -517,7 +517,9 @@ def get_orders_to_be_billed(party_type, party, party_account_currency, company_c
 	order_list = []
 	for d in orders:
 		d["voucher_type"] = voucher_type
-		d["exchange_rate"] = get_exchange_rate(party_account_currency, company_currency)
+		# This assumes that the exchange rate required is the one in the SO
+		d["exchange_rate"] = get_exchange_rate(party_account_currency, 
+			company_currency, posting_date)
 		order_list.append(d)
 
 	return order_list
@@ -592,14 +594,19 @@ def get_reference_details(reference_doctype, reference_name, party_account_curre
 			exchange_rate = 1
 		else:
 			total_amount = ref_doc.grand_total
+			
+			# Get the exchange rate from the original ref doc 
+			# or get it based on the posting date of the ref doc
 			exchange_rate = ref_doc.get("conversion_rate") or \
-				get_exchange_rate(party_account_currency, ref_doc.company_currency)
+				get_exchange_rate(party_account_currency, ref_doc.company_currency, ref_doc.posting_date)
 		
 		outstanding_amount = ref_doc.get("outstanding_amount") \
 			if reference_doctype in ("Sales Invoice", "Purchase Invoice") \
 			else flt(total_amount) - flt(ref_doc.advance_paid)			
 	else:
-		exchange_rate = get_exchange_rate(party_account_currency, ref_doc.company_currency)
+		# Get the exchange rate based on the posting date of the ref doc
+		exchange_rate = get_exchange_rate(party_account_currency, 
+			ref_doc.company_currency, ref_doc.posting_date)
 		
 	return frappe._dict({
 		"due_date": ref_doc.get("due_date"),
diff --git a/erpnext/accounts/doctype/payment_request/test_payment_request.py b/erpnext/accounts/doctype/payment_request/test_payment_request.py
index 73c412f2473..bf3e24fe7af 100644
--- a/erpnext/accounts/doctype/payment_request/test_payment_request.py
+++ b/erpnext/accounts/doctype/payment_request/test_payment_request.py
@@ -9,7 +9,6 @@ from erpnext.selling.doctype.sales_order.test_sales_order import make_sales_orde
 from erpnext.accounts.doctype.payment_request.payment_request import make_payment_request
 from erpnext.accounts.doctype.sales_invoice.test_sales_invoice import create_sales_invoice
 from erpnext.setup.utils import get_exchange_rate
-# test_records = frappe.get_test_records('Payment Request')
 
 test_dependencies = ["Currency Exchange", "Journal Entry", "Contact", "Address"]
 
diff --git a/erpnext/accounts/doctype/sales_invoice/pos.py b/erpnext/accounts/doctype/sales_invoice/pos.py
index 4e4ad780ed6..9fb11f2b7c2 100644
--- a/erpnext/accounts/doctype/sales_invoice/pos.py
+++ b/erpnext/accounts/doctype/sales_invoice/pos.py
@@ -3,7 +3,6 @@
 
 from __future__ import unicode_literals
 import frappe, json
-from frappe import _
 from frappe.utils import nowdate
 from erpnext.setup.utils import get_exchange_rate
 from erpnext.stock.get_item_details import get_pos_profile
@@ -63,8 +62,10 @@ def update_pos_profile_data(doc, pos_profile, company_data):
 
 	doc.currency = pos_profile.get('currency') or company_data.default_currency
 	doc.conversion_rate = 1.0
+	
 	if doc.currency != company_data.default_currency:
-		doc.conversion_rate = get_exchange_rate(doc.currency, company_data.default_currency)
+		doc.conversion_rate = get_exchange_rate(doc.currency, company_data.default_currency, doc.posting_date)
+		
 	doc.selling_price_list = pos_profile.get('selling_price_list') or \
 		frappe.db.get_value('Selling Settings', None, 'selling_price_list')
 	doc.naming_series = pos_profile.get('naming_series') or 'SINV-'
diff --git a/erpnext/buying/report/quoted_item_comparison/quoted_item_comparison.py b/erpnext/buying/report/quoted_item_comparison/quoted_item_comparison.py
index 1793fc31405..03f7a340792 100644
--- a/erpnext/buying/report/quoted_item_comparison/quoted_item_comparison.py
+++ b/erpnext/buying/report/quoted_item_comparison/quoted_item_comparison.py
@@ -39,7 +39,7 @@ def get_quote_list(item, qty_list):
 		#Add a row for each supplier
 		for root in set(suppliers):
 			supplier_currency = frappe.db.get_value("Supplier",root,"default_currency")
-			exg = get_exchange_rate(supplier_currency,company_currency)
+			exg = get_exchange_rate(supplier_currency, company_currency)
 
 			row = frappe._dict({
 				"supplier_name": root
diff --git a/erpnext/controllers/accounts_controller.py b/erpnext/controllers/accounts_controller.py
index 5796a4da102..554529c6f6c 100644
--- a/erpnext/controllers/accounts_controller.py
+++ b/erpnext/controllers/accounts_controller.py
@@ -127,6 +127,11 @@ class AccountsController(TransactionBase):
 			validate_due_date(self.posting_date, self.due_date, "Supplier", self.supplier, self.company)
 
 	def set_price_list_currency(self, buying_or_selling):
+		if self.meta.get_field("posting_date"):
+			transaction_date = self.posting_date
+		else:
+			transaction_date = self.transaction_date
+		 
 		if self.meta.get_field("currency"):
 			# price list part
 			fieldname = "selling_price_list" if buying_or_selling.lower() == "selling" \
@@ -139,8 +144,8 @@ class AccountsController(TransactionBase):
 					self.plc_conversion_rate = 1.0
 
 				elif not self.plc_conversion_rate:
-					self.plc_conversion_rate = get_exchange_rate(
-						self.price_list_currency, self.company_currency)
+					self.plc_conversion_rate = get_exchange_rate(self.price_list_currency, 
+						self.company_currency, transaction_date)
 
 			# currency
 			if not self.currency:
@@ -150,7 +155,7 @@ class AccountsController(TransactionBase):
 				self.conversion_rate = 1.0
 			elif not self.conversion_rate:
 				self.conversion_rate = get_exchange_rate(self.currency,
-					self.company_currency)
+					self.company_currency, transaction_date)
 
 	def set_missing_item_details(self, for_validate=False):
 		"""set missing item values"""
@@ -602,7 +607,6 @@ class AccountsController(TransactionBase):
 		for item in duplicate_list:
 			self.remove(item)
 
-
 @frappe.whitelist()
 def get_tax_rate(account_head):
 	return frappe.db.get_value("Account", account_head, ["tax_rate", "account_name"], as_dict=True)
diff --git a/erpnext/crm/doctype/opportunity/opportunity.py b/erpnext/crm/doctype/opportunity/opportunity.py
index 6be0768bf41..6ee90036080 100644
--- a/erpnext/crm/doctype/opportunity/opportunity.py
+++ b/erpnext/crm/doctype/opportunity/opportunity.py
@@ -205,7 +205,8 @@ def make_quotation(source_name, target_doc=None):
 		if company_currency == quotation.currency:
 			exchange_rate = 1
 		else:
-			exchange_rate = get_exchange_rate(quotation.currency, company_currency)
+			exchange_rate = get_exchange_rate(quotation.currency, company_currency, 
+				quotation.transaction_date)
 
 		quotation.conversion_rate = exchange_rate
 
diff --git a/erpnext/patches.txt b/erpnext/patches.txt
index c4b66e7a12f..94212ec62ef 100644
--- a/erpnext/patches.txt
+++ b/erpnext/patches.txt
@@ -354,4 +354,5 @@ erpnext.patches.v7_1.rename_quality_inspection_field
 erpnext.patches.v7_0.update_autoname_field
 erpnext.patches.v7_1.update_bom_base_currency
 erpnext.patches.v7_0.update_status_of_po_so
-erpnext.patches.v7_1.set_budget_against_as_cost_center
\ No newline at end of file
+erpnext.patches.v7_1.set_budget_against_as_cost_center
+erpnext.patches.v7_1.set_currency_exchange_date
\ No newline at end of file
diff --git a/erpnext/patches/v7_1/set_currency_exchange_date.py b/erpnext/patches/v7_1/set_currency_exchange_date.py
new file mode 100644
index 00000000000..7d8e4f0415d
--- /dev/null
+++ b/erpnext/patches/v7_1/set_currency_exchange_date.py
@@ -0,0 +1,9 @@
+import frappe
+
+def execute():
+	frappe.reload_doctype("Currency Exchange")
+	frappe.db.sql("""
+		update `tabCurrency Exchange` 
+		set `date` = '2010-01-01' 
+		where date is null or date = '' or date = '0000-00-00'
+	""")
\ No newline at end of file
diff --git a/erpnext/public/js/controllers/transaction.js b/erpnext/public/js/controllers/transaction.js
index 954b03b1f68..c31b0c84a82 100644
--- a/erpnext/public/js/controllers/transaction.js
+++ b/erpnext/public/js/controllers/transaction.js
@@ -413,6 +413,7 @@ erpnext.TransactionController = erpnext.taxes_and_totals.extend({
 	transaction_date: function() {
 		if (this.frm.doc.transaction_date) {
 			this.frm.transaction_date = this.frm.doc.transaction_date;
+			frappe.ui.form.trigger(this.frm.doc.doctype, "currency");
 		}
 	},
 
@@ -434,9 +435,12 @@ erpnext.TransactionController = erpnext.taxes_and_totals.extend({
 					callback: function(r, rt) {
 						if(r.message) {
 							me.frm.set_value("due_date", r.message);
+							frappe.ui.form.trigger(me.frm.doc.doctype, "currency");
 						}
 					}
 				})
+			} else {
+				frappe.ui.form.trigger(me.frm.doc.doctype, "currency");
 			}
 		}
 	},
@@ -450,6 +454,10 @@ erpnext.TransactionController = erpnext.taxes_and_totals.extend({
 	},
 
 	currency: function() {
+		/* manqala 19/09/2016: let the translation date be whichever of the transaction_date or posting_date is available */
+		var transaction_date = this.frm.doc.transaction_date || this.frm.doc.posting_date;
+		/* end manqala */
+		
 		var me = this;
 		this.set_dynamic_labels();
 
@@ -457,7 +465,7 @@ erpnext.TransactionController = erpnext.taxes_and_totals.extend({
 		// Added `ignore_pricing_rule` to determine if document is loading after mapping from another doc
 		if(this.frm.doc.currency && this.frm.doc.currency !== company_currency
 				&& !this.frm.doc.ignore_pricing_rule) {
-			this.get_exchange_rate(this.frm.doc.currency, company_currency,
+			this.get_exchange_rate(transaction_date, this.frm.doc.currency, company_currency,
 				function(exchange_rate) {
 					me.frm.set_value("conversion_rate", exchange_rate);
 				});
@@ -485,10 +493,11 @@ erpnext.TransactionController = erpnext.taxes_and_totals.extend({
 		}
 	},
 
-	get_exchange_rate: function(from_currency, to_currency, callback) {
+	get_exchange_rate: function(transaction_date, from_currency, to_currency, callback) {
 		return frappe.call({
 			method: "erpnext.setup.utils.get_exchange_rate",
 			args: {
+				transaction_date: transaction_date,
 				from_currency: from_currency,
 				to_currency: to_currency
 			},
@@ -505,7 +514,7 @@ erpnext.TransactionController = erpnext.taxes_and_totals.extend({
 		var company_currency = this.get_company_currency();
 		// Added `ignore_pricing_rule` to determine if document is loading after mapping from another doc
 		if(this.frm.doc.price_list_currency !== company_currency  && !this.frm.doc.ignore_pricing_rule) {
-			this.get_exchange_rate(this.frm.doc.price_list_currency, company_currency,
+			this.get_exchange_rate(this.frm.doc.posting_date, this.frm.doc.price_list_currency, company_currency,
 				function(exchange_rate) {
 					me.frm.set_value("plc_conversion_rate", exchange_rate);
 				});
diff --git a/erpnext/setup/doctype/currency_exchange/currency_exchange.json b/erpnext/setup/doctype/currency_exchange/currency_exchange.json
index 44cea2076dd..76e1a6b97ee 100644
--- a/erpnext/setup/doctype/currency_exchange/currency_exchange.json
+++ b/erpnext/setup/doctype/currency_exchange/currency_exchange.json
@@ -12,6 +12,33 @@
  "editable_grid": 0, 
  "engine": "InnoDB", 
  "fields": [
+  {
+   "allow_on_submit": 0, 
+   "bold": 0, 
+   "collapsible": 0, 
+   "columns": 0, 
+   "fieldname": "date", 
+   "fieldtype": "Date", 
+   "hidden": 0, 
+   "ignore_user_permissions": 0, 
+   "ignore_xss_filter": 0, 
+   "in_filter": 0, 
+   "in_list_view": 1, 
+   "label": "Date", 
+   "length": 0, 
+   "no_copy": 0, 
+   "permlevel": 0, 
+   "precision": "", 
+   "print_hide": 0, 
+   "print_hide_if_no_value": 0, 
+   "read_only": 0, 
+   "report_hide": 0, 
+   "reqd": 1, 
+   "search_index": 0, 
+   "set_only_once": 0, 
+   "unique": 0, 
+   "width": "5"
+  }, 
   {
    "allow_on_submit": 0, 
    "bold": 0, 
@@ -38,7 +65,8 @@
    "reqd": 1, 
    "search_index": 0, 
    "set_only_once": 0, 
-   "unique": 0
+   "unique": 0, 
+   "width": "3"
   }, 
   {
    "allow_on_submit": 0, 
@@ -66,7 +94,8 @@
    "reqd": 1, 
    "search_index": 0, 
    "set_only_once": 0, 
-   "unique": 0
+   "unique": 0, 
+   "width": "3"
   }, 
   {
    "allow_on_submit": 0, 
@@ -94,7 +123,8 @@
    "reqd": 1, 
    "search_index": 0, 
    "set_only_once": 0, 
-   "unique": 0
+   "unique": 0, 
+   "width": "3"
   }
  ], 
  "hide_heading": 0, 
@@ -108,7 +138,7 @@
  "issingle": 0, 
  "istable": 0, 
  "max_attachments": 0, 
- "modified": "2016-11-07 05:28:09.772560", 
+ "modified": "2016-11-08 05:28:09.772560", 
  "modified_by": "Administrator", 
  "module": "Setup", 
  "name": "Currency Exchange", 
@@ -202,5 +232,8 @@
  "quick_entry": 1, 
  "read_only": 0, 
  "read_only_onload": 0, 
+ "sort_field": "name", 
+ "sort_order": "DESC", 
+ "title_field": "", 
  "track_seen": 0
 }
\ No newline at end of file
diff --git a/erpnext/setup/doctype/currency_exchange/currency_exchange.py b/erpnext/setup/doctype/currency_exchange/currency_exchange.py
index 60228129751..7f1a43c0eef 100644
--- a/erpnext/setup/doctype/currency_exchange/currency_exchange.py
+++ b/erpnext/setup/doctype/currency_exchange/currency_exchange.py
@@ -7,13 +7,15 @@ from __future__ import unicode_literals
 import frappe
 from frappe import _
 from frappe.model.document import Document
+from frappe.utils import get_datetime, get_datetime_str, formatdate
 
 class CurrencyExchange(Document):
-	def autoname(self):
-		self.name = self.from_currency + "-" + self.to_currency
+    def autoname(self):
+        self.name = formatdate(get_datetime_str(self.date),"yyyy-MM-dd") + "-" + self.from_currency + "-" + self.to_currency
+        #self.name = self.date + "-" + self.from_currency + "-" + self.to_currency
 
-	def validate(self):
-		self.validate_value("exchange_rate", ">", 0)
+    def validate(self):
+        self.validate_value("exchange_rate", ">", 0)
 
-		if self.from_currency == self.to_currency:
-			frappe.throw(_("From Currency and To Currency cannot be same"))
+        if self.from_currency == self.to_currency:
+            frappe.throw(_("From Currency and To Currency cannot be same"))
diff --git a/erpnext/setup/doctype/currency_exchange/test_currency_exchange.py b/erpnext/setup/doctype/currency_exchange/test_currency_exchange.py
index 00776307de0..181f07257b3 100644
--- a/erpnext/setup/doctype/currency_exchange/test_currency_exchange.py
+++ b/erpnext/setup/doctype/currency_exchange/test_currency_exchange.py
@@ -3,5 +3,18 @@
 from __future__ import unicode_literals
 
 
-import frappe
-test_records = frappe.get_test_records('Currency Exchange')
\ No newline at end of file
+import frappe, unittest
+test_records = frappe.get_test_records('Currency Exchange')
+
+class TestCurrencyExchange(unittest.TestCase):
+	def test_exchnage_rate(self):
+		from erpnext.setup.utils import get_exchange_rate
+		
+		# Exchange rate as on 15th Jan, 2016, should be fetched from Currency Exchange record
+		exchange_rate = get_exchange_rate("USD", "INR", "2016-01-15")
+		self.assertEqual(exchange_rate, 60.0)
+		
+		# Exchange rate as on 15th Dec, 2015, should be fetched from fixer.io
+		exchange_rate = get_exchange_rate("USD", "INR", "2015-12-15")
+		self.assertFalse(exchange_rate==60)
+		
\ No newline at end of file
diff --git a/erpnext/setup/doctype/currency_exchange/test_records.json b/erpnext/setup/doctype/currency_exchange/test_records.json
index 784bf262c03..23edd8a7994 100644
--- a/erpnext/setup/doctype/currency_exchange/test_records.json
+++ b/erpnext/setup/doctype/currency_exchange/test_records.json
@@ -1,18 +1,21 @@
 [
  {
   "doctype": "Currency Exchange", 
+  "date": "2016-01-01",
   "exchange_rate": 60.0, 
   "from_currency": "USD", 
   "to_currency": "INR"
  }, 
  {
   "doctype": "Currency Exchange", 
+  "date": "2016-01-01",
   "exchange_rate": 0.773, 
   "from_currency": "USD", 
   "to_currency": "EUR"
  }, 
  {
   "doctype": "Currency Exchange", 
+  "date": "2016-01-01",
   "exchange_rate": 0.0167, 
   "from_currency": "INR", 
   "to_currency": "USD"
diff --git a/erpnext/setup/utils.py b/erpnext/setup/utils.py
index eda2042fd5e..0c214e4c2a8 100644
--- a/erpnext/setup/utils.py
+++ b/erpnext/setup/utils.py
@@ -5,7 +5,8 @@ from __future__ import unicode_literals
 import frappe
 from frappe import _, throw
 from frappe.utils import flt
-
+from frappe.utils import get_datetime_str, nowdate
+	
 def get_company_currency(company):
 	currency = frappe.db.get_value("Company", company, "default_currency", cache=True)
 	if not currency:
@@ -64,36 +65,44 @@ def before_tests():
 	frappe.db.commit()
 
 @frappe.whitelist()
-def get_exchange_rate(from_currency, to_currency):
+def get_exchange_rate(from_currency, to_currency, transaction_date=None):
+	if not transaction_date:
+		transaction_date = nowdate()
 	if not (from_currency and to_currency):
+		# manqala 19/09/2016: Should this be an empty return or should it throw and exception?
 		return
 	
 	if from_currency == to_currency:
 		return 1
 	
-	exchange = "%s-%s" % (from_currency, to_currency)
-	value = flt(frappe.db.get_value("Currency Exchange", exchange, "exchange_rate"))
+	# cksgb 19/09/2016: get last entry in Currency Exchange with from_currency and to_currency.
+	entries = frappe.get_all("Currency Exchange", fields = ["exchange_rate"], 
+		filters=[
+			["date", "<=", get_datetime_str(transaction_date)], 
+			["from_currency", "=", from_currency], 
+			["to_currency", "=", to_currency]
+		], order_by="date desc", limit=1)
+	
+	if entries:
+		return flt(entries[0].exchange_rate)
 
-	if not value:
-		try:
-			cache = frappe.cache()
-			key = "currency_exchange_rate:{0}:{1}".format(from_currency, to_currency)
-			value = cache.get(key)
+	try:
+		cache = frappe.cache()
+		key = "currency_exchange_rate:{0}:{1}".format(from_currency, to_currency)
+		value = cache.get(key)
 
-			if not value:
-				import requests
-				response = requests.get("http://api.fixer.io/latest", params={
-					"base": from_currency,
-					"symbols": to_currency
-				})
-				# expire in 6 hours
-				response.raise_for_status()
-				value = response.json()["rates"][to_currency]
-				cache.setex(key, value, 6 * 60 * 60)
+		if not value:
+			import requests
+			response = requests.get("http://api.fixer.io/latest", params={
+				"base": from_currency,
+				"symbols": to_currency
+			})
+			# expire in 6 hours
+			response.raise_for_status()
+			value = response.json()["rates"][to_currency]
+			cache.setex(key, value, 6 * 60 * 60)
 
-			return flt(value)
-		except:
-			frappe.msgprint(_("Unable to find exchange rate for {0} to {1}").format(from_currency, to_currency))
-			return 0.0
-	else:
-		return value
+		return flt(value)
+	except:
+		frappe.msgprint(_("Unable to find exchange rate for {0} to {1} for key date {2}").format(from_currency, to_currency, transaction_date))
+		return 0.0
\ No newline at end of file
diff --git a/erpnext/shopping_cart/doctype/shopping_cart_settings/shopping_cart_settings.py b/erpnext/shopping_cart/doctype/shopping_cart_settings/shopping_cart_settings.py
index d8d00efa967..6915ef54a15 100644
--- a/erpnext/shopping_cart/doctype/shopping_cart_settings/shopping_cart_settings.py
+++ b/erpnext/shopping_cart/doctype/shopping_cart_settings/shopping_cart_settings.py
@@ -8,6 +8,7 @@ import frappe
 from frappe import _, msgprint
 from frappe.utils import comma_and
 from frappe.model.document import Document
+from frappe.utils import get_datetime, get_datetime_str, now_datetime
 
 class ShoppingCartSetupError(frappe.ValidationError): pass
 
@@ -38,11 +39,18 @@ class ShoppingCartSettings(Document):
 		expected_to_exist = [currency + "-" + company_currency
 			for currency in price_list_currency_map.values()
 			if currency != company_currency]
+		
+		# manqala 20/09/2016: set up selection parameters for query from tabCurrency Exchange	
+		from_currency = [currency for currency in price_list_currency_map.values() if currency != company_currency]
+		to_currency = company_currency
+		# manqala end
 
 		if expected_to_exist:
-			exists = frappe.db.sql_list("""select name from `tabCurrency Exchange`
-				where name in (%s)""" % (", ".join(["%s"]*len(expected_to_exist)),),
-				tuple(expected_to_exist))
+			# manqala 20/09/2016: modify query so that it uses date in the selection from Currency Exchange.
+			# exchange rates defined with date less than the date on which this document is being saved will be selected
+			exists = frappe.db.sql_list("""select CONCAT(from_currency,'-',to_currency) from `tabCurrency Exchange`
+				where from_currency in (%s) and to_currency = "%s" and date <= curdate()""" % (", ".join(["%s"]*len(from_currency)), to_currency), tuple(from_currency))
+			# manqala end
 
 			missing = list(set(expected_to_exist).difference(exists))
 
diff --git a/erpnext/stock/doctype/material_request_item/material_request_item.json b/erpnext/stock/doctype/material_request_item/material_request_item.json
index f7ca7d99152..b1d6ec0cb6e 100644
--- a/erpnext/stock/doctype/material_request_item/material_request_item.json
+++ b/erpnext/stock/doctype/material_request_item/material_request_item.json
@@ -23,6 +23,7 @@
    "ignore_xss_filter": 0, 
    "in_filter": 1, 
    "in_list_view": 1, 
+   "in_standard_filter": 0, 
    "label": "Item Code", 
    "length": 0, 
    "no_copy": 0, 
@@ -34,6 +35,7 @@
    "print_hide_if_no_value": 0, 
    "print_width": "100px", 
    "read_only": 0, 
+   "remember_last_selected_value": 0, 
    "report_hide": 0, 
    "reqd": 1, 
    "search_index": 1, 
@@ -53,12 +55,14 @@
    "ignore_xss_filter": 0, 
    "in_filter": 0, 
    "in_list_view": 0, 
+   "in_standard_filter": 0, 
    "length": 0, 
    "no_copy": 0, 
    "permlevel": 0, 
    "print_hide": 0, 
    "print_hide_if_no_value": 0, 
    "read_only": 0, 
+   "remember_last_selected_value": 0, 
    "report_hide": 0, 
    "reqd": 0, 
    "search_index": 0, 
@@ -77,6 +81,7 @@
    "ignore_xss_filter": 0, 
    "in_filter": 1, 
    "in_list_view": 0, 
+   "in_standard_filter": 0, 
    "label": "Item Name", 
    "length": 0, 
    "no_copy": 0, 
@@ -87,6 +92,7 @@
    "print_hide_if_no_value": 0, 
    "print_width": "100px", 
    "read_only": 0, 
+   "remember_last_selected_value": 0, 
    "report_hide": 0, 
    "reqd": 0, 
    "search_index": 1, 
@@ -106,6 +112,7 @@
    "ignore_xss_filter": 0, 
    "in_filter": 0, 
    "in_list_view": 0, 
+   "in_standard_filter": 0, 
    "label": "Description", 
    "length": 0, 
    "no_copy": 0, 
@@ -114,6 +121,7 @@
    "print_hide": 0, 
    "print_hide_if_no_value": 0, 
    "read_only": 0, 
+   "remember_last_selected_value": 0, 
    "report_hide": 0, 
    "reqd": 0, 
    "search_index": 0, 
@@ -132,6 +140,7 @@
    "ignore_xss_filter": 0, 
    "in_filter": 0, 
    "in_list_view": 0, 
+   "in_standard_filter": 0, 
    "label": "Description", 
    "length": 0, 
    "no_copy": 0, 
@@ -142,6 +151,7 @@
    "print_hide_if_no_value": 0, 
    "print_width": "250px", 
    "read_only": 0, 
+   "remember_last_selected_value": 0, 
    "report_hide": 0, 
    "reqd": 1, 
    "search_index": 0, 
@@ -161,6 +171,7 @@
    "ignore_xss_filter": 0, 
    "in_filter": 0, 
    "in_list_view": 0, 
+   "in_standard_filter": 0, 
    "length": 0, 
    "no_copy": 0, 
    "permlevel": 0, 
@@ -168,6 +179,7 @@
    "print_hide": 0, 
    "print_hide_if_no_value": 0, 
    "read_only": 0, 
+   "remember_last_selected_value": 0, 
    "report_hide": 0, 
    "reqd": 0, 
    "search_index": 0, 
@@ -186,6 +198,7 @@
    "ignore_xss_filter": 0, 
    "in_filter": 0, 
    "in_list_view": 0, 
+   "in_standard_filter": 0, 
    "label": "Image", 
    "length": 0, 
    "no_copy": 0, 
@@ -194,6 +207,7 @@
    "print_hide": 1, 
    "print_hide_if_no_value": 0, 
    "read_only": 1, 
+   "remember_last_selected_value": 0, 
    "report_hide": 0, 
    "reqd": 0, 
    "search_index": 0, 
@@ -212,6 +226,7 @@
    "ignore_xss_filter": 0, 
    "in_filter": 0, 
    "in_list_view": 0, 
+   "in_standard_filter": 0, 
    "label": "Quantity and Warehouse", 
    "length": 0, 
    "no_copy": 0, 
@@ -219,6 +234,7 @@
    "print_hide": 0, 
    "print_hide_if_no_value": 0, 
    "read_only": 0, 
+   "remember_last_selected_value": 0, 
    "report_hide": 0, 
    "reqd": 0, 
    "search_index": 0, 
@@ -237,6 +253,7 @@
    "ignore_xss_filter": 0, 
    "in_filter": 0, 
    "in_list_view": 1, 
+   "in_standard_filter": 0, 
    "label": "Quantity", 
    "length": 0, 
    "no_copy": 0, 
@@ -247,6 +264,7 @@
    "print_hide_if_no_value": 0, 
    "print_width": "80px", 
    "read_only": 0, 
+   "remember_last_selected_value": 0, 
    "report_hide": 0, 
    "reqd": 1, 
    "search_index": 0, 
@@ -266,6 +284,7 @@
    "ignore_xss_filter": 0, 
    "in_filter": 0, 
    "in_list_view": 0, 
+   "in_standard_filter": 0, 
    "label": "Stock UOM", 
    "length": 0, 
    "no_copy": 0, 
@@ -277,6 +296,7 @@
    "print_hide_if_no_value": 0, 
    "print_width": "70px", 
    "read_only": 1, 
+   "remember_last_selected_value": 0, 
    "report_hide": 0, 
    "reqd": 1, 
    "search_index": 0, 
@@ -296,6 +316,7 @@
    "ignore_xss_filter": 0, 
    "in_filter": 0, 
    "in_list_view": 1, 
+   "in_standard_filter": 0, 
    "label": "For Warehouse", 
    "length": 0, 
    "no_copy": 0, 
@@ -307,6 +328,7 @@
    "print_hide_if_no_value": 0, 
    "print_width": "100px", 
    "read_only": 0, 
+   "remember_last_selected_value": 0, 
    "report_hide": 0, 
    "reqd": 0, 
    "search_index": 0, 
@@ -326,12 +348,14 @@
    "ignore_xss_filter": 0, 
    "in_filter": 0, 
    "in_list_view": 0, 
+   "in_standard_filter": 0, 
    "length": 0, 
    "no_copy": 0, 
    "permlevel": 0, 
    "print_hide": 0, 
    "print_hide_if_no_value": 0, 
    "read_only": 0, 
+   "remember_last_selected_value": 0, 
    "report_hide": 0, 
    "reqd": 0, 
    "search_index": 0, 
@@ -351,6 +375,7 @@
    "ignore_xss_filter": 0, 
    "in_filter": 0, 
    "in_list_view": 1, 
+   "in_standard_filter": 0, 
    "label": "Required Date", 
    "length": 0, 
    "no_copy": 0, 
@@ -361,6 +386,7 @@
    "print_hide_if_no_value": 0, 
    "print_width": "100px", 
    "read_only": 0, 
+   "remember_last_selected_value": 0, 
    "report_hide": 0, 
    "reqd": 1, 
    "search_index": 0, 
@@ -380,6 +406,7 @@
    "ignore_xss_filter": 0, 
    "in_filter": 0, 
    "in_list_view": 0, 
+   "in_standard_filter": 0, 
    "label": "More Information", 
    "length": 0, 
    "no_copy": 0, 
@@ -387,6 +414,7 @@
    "print_hide": 0, 
    "print_hide_if_no_value": 0, 
    "read_only": 0, 
+   "remember_last_selected_value": 0, 
    "report_hide": 0, 
    "reqd": 0, 
    "search_index": 0, 
@@ -406,6 +434,7 @@
    "ignore_xss_filter": 0, 
    "in_filter": 1, 
    "in_list_view": 0, 
+   "in_standard_filter": 0, 
    "label": "Item Group", 
    "length": 0, 
    "no_copy": 0, 
@@ -416,6 +445,7 @@
    "print_hide": 1, 
    "print_hide_if_no_value": 0, 
    "read_only": 1, 
+   "remember_last_selected_value": 0, 
    "report_hide": 0, 
    "reqd": 0, 
    "search_index": 1, 
@@ -434,6 +464,7 @@
    "ignore_xss_filter": 0, 
    "in_filter": 0, 
    "in_list_view": 0, 
+   "in_standard_filter": 0, 
    "label": "Brand", 
    "length": 0, 
    "no_copy": 0, 
@@ -445,6 +476,7 @@
    "print_hide_if_no_value": 0, 
    "print_width": "100px", 
    "read_only": 1, 
+   "remember_last_selected_value": 0, 
    "report_hide": 0, 
    "reqd": 0, 
    "search_index": 0, 
@@ -464,6 +496,7 @@
    "ignore_xss_filter": 0, 
    "in_filter": 0, 
    "in_list_view": 0, 
+   "in_standard_filter": 0, 
    "label": "Lead Time Date", 
    "length": 0, 
    "no_copy": 1, 
@@ -473,6 +506,7 @@
    "print_hide": 1, 
    "print_hide_if_no_value": 0, 
    "read_only": 1, 
+   "remember_last_selected_value": 0, 
    "report_hide": 0, 
    "reqd": 0, 
    "search_index": 0, 
@@ -491,6 +525,7 @@
    "ignore_xss_filter": 0, 
    "in_filter": 0, 
    "in_list_view": 0, 
+   "in_standard_filter": 0, 
    "label": "Sales Order", 
    "length": 0, 
    "no_copy": 0, 
@@ -499,6 +534,7 @@
    "print_hide": 1, 
    "print_hide_if_no_value": 0, 
    "read_only": 1, 
+   "remember_last_selected_value": 0, 
    "report_hide": 0, 
    "reqd": 0, 
    "search_index": 0, 
@@ -517,6 +553,7 @@
    "ignore_xss_filter": 0, 
    "in_filter": 0, 
    "in_list_view": 0, 
+   "in_standard_filter": 0, 
    "label": "Project", 
    "length": 0, 
    "no_copy": 0, 
@@ -526,6 +563,7 @@
    "print_hide": 0, 
    "print_hide_if_no_value": 0, 
    "read_only": 1, 
+   "remember_last_selected_value": 0, 
    "report_hide": 0, 
    "reqd": 0, 
    "search_index": 0, 
@@ -544,12 +582,14 @@
    "ignore_xss_filter": 0, 
    "in_filter": 0, 
    "in_list_view": 0, 
+   "in_standard_filter": 0, 
    "length": 0, 
    "no_copy": 0, 
    "permlevel": 0, 
    "print_hide": 0, 
    "print_hide_if_no_value": 0, 
    "read_only": 0, 
+   "remember_last_selected_value": 0, 
    "report_hide": 0, 
    "reqd": 0, 
    "search_index": 0, 
@@ -568,6 +608,7 @@
    "ignore_xss_filter": 0, 
    "in_filter": 0, 
    "in_list_view": 0, 
+   "in_standard_filter": 0, 
    "label": "Min Order Qty", 
    "length": 0, 
    "no_copy": 1, 
@@ -578,6 +619,7 @@
    "print_hide_if_no_value": 0, 
    "print_width": "70px", 
    "read_only": 1, 
+   "remember_last_selected_value": 0, 
    "report_hide": 0, 
    "reqd": 0, 
    "search_index": 0, 
@@ -597,6 +639,7 @@
    "ignore_xss_filter": 0, 
    "in_filter": 0, 
    "in_list_view": 0, 
+   "in_standard_filter": 0, 
    "label": "Projected Qty", 
    "length": 0, 
    "no_copy": 1, 
@@ -607,6 +650,7 @@
    "print_hide_if_no_value": 0, 
    "print_width": "70px", 
    "read_only": 1, 
+   "remember_last_selected_value": 0, 
    "report_hide": 0, 
    "reqd": 0, 
    "search_index": 0, 
@@ -626,6 +670,7 @@
    "ignore_xss_filter": 0, 
    "in_filter": 0, 
    "in_list_view": 0, 
+   "in_standard_filter": 0, 
    "label": "Actual Qty", 
    "length": 0, 
    "no_copy": 1, 
@@ -634,6 +679,7 @@
    "print_hide": 1, 
    "print_hide_if_no_value": 0, 
    "read_only": 1, 
+   "remember_last_selected_value": 0, 
    "report_hide": 1, 
    "reqd": 0, 
    "search_index": 0, 
@@ -652,6 +698,7 @@
    "ignore_xss_filter": 0, 
    "in_filter": 0, 
    "in_list_view": 0, 
+   "in_standard_filter": 0, 
    "label": "Completed Qty", 
    "length": 0, 
    "no_copy": 1, 
@@ -661,6 +708,7 @@
    "print_hide": 1, 
    "print_hide_if_no_value": 0, 
    "read_only": 1, 
+   "remember_last_selected_value": 0, 
    "report_hide": 0, 
    "reqd": 0, 
    "search_index": 0, 
@@ -679,6 +727,7 @@
    "ignore_xss_filter": 0, 
    "in_filter": 0, 
    "in_list_view": 0, 
+   "in_standard_filter": 0, 
    "label": "Page Break", 
    "length": 0, 
    "no_copy": 1, 
@@ -688,6 +737,7 @@
    "print_hide": 1, 
    "print_hide_if_no_value": 0, 
    "read_only": 0, 
+   "remember_last_selected_value": 0, 
    "report_hide": 0, 
    "reqd": 0, 
    "search_index": 0, 
@@ -705,7 +755,7 @@
  "issingle": 0, 
  "istable": 1, 
  "max_attachments": 0, 
- "modified": "2016-10-17 04:58:33.317145", 
+ "modified": "2016-12-08 14:49:48.397015", 
  "modified_by": "Administrator", 
  "module": "Stock", 
  "name": "Material Request Item", 
diff --git a/erpnext/stock/get_item_details.py b/erpnext/stock/get_item_details.py
index 0caf1cdf7ac..16ea58e47ab 100644
--- a/erpnext/stock/get_item_details.py
+++ b/erpnext/stock/get_item_details.py
@@ -481,7 +481,9 @@ def get_price_list_currency_and_exchange_rate(args):
 
 	if (not plc_conversion_rate) or (price_list_currency and args.price_list_currency \
 		and price_list_currency != args.price_list_currency):
-			plc_conversion_rate = get_exchange_rate(price_list_currency, args.currency) or plc_conversion_rate
+        # cksgb 19/09/2016: added args.transaction_date as posting_date argument for get_exchange_rate
+			plc_conversion_rate = get_exchange_rate(price_list_currency, args.currency, 
+				args.transaction_date) or plc_conversion_rate
 
 	return frappe._dict({
 		"price_list_currency": price_list_currency,