Hi Moe,
That’s super awesome! Thanks so much for your help. You could for example setup a parent and daughter company, do a transaction in the daughter company and see whether the parent company shows the right amount with the transaction. For the two companies I would set their currencies to a few lesser known test currencies supported by the new API (e.g. TZS, SYP, KHR) and also one or two standard currencies (e.g. USD, EUR, INR). You can find the list of all supported currencies here: https://api.exchangerate.host/symbols. I think it will be sufficient to try 3-4 currencies (and a few different dates) to see that the integration of the API works.
I am not sure if ERPnext wants to support cryptocurrencies, but it might be also nice to have support if new users would like to use crypto-currencies. Could be a nice pull-factor for future users to switch to ERPnext. The list of supported cryptocurrencies is here: https://api.exchangerate.host/cryptocurrencies. Might be useful to try one or two as well.
In general, I think it would be really great (and more sustainable and stable), if the exchange rate API is not hardcoded but instead if ERPnext could support the specification of the API directly on the UI. In case the API shuts down, other currencies are needed, the accuracy is not sufficient etc., one could easily change to the wanted API on the UI.
I don’t have enough experience on creating such forms, but I guess it could be done pretty much analogous to the SMS API, where a custom API can be specified (SMS Settings).