diff --git a/erpnext/controllers/accounts_controller.py b/erpnext/controllers/accounts_controller.py
index f726db8..fb33330 100644
--- a/erpnext/controllers/accounts_controller.py
+++ b/erpnext/controllers/accounts_controller.py
@@ -128,9 +128,9 @@
 
 	def set_price_list_currency(self, buying_or_selling):
 		if self.meta.get_field("posting_date"):
-			translation_date = self.posting_date
+			transaction_date = self.posting_date
 		else:
-			translation_date = self.transaction_date
+			transaction_date = self.transaction_date
 		 
 		if self.meta.get_field("currency"):
 			# price list part
@@ -144,7 +144,7 @@
 					self.plc_conversion_rate = 1.0
 
 				elif not self.plc_conversion_rate:
-					self.plc_conversion_rate = get_exchange_rate(translation_date, 
+					self.plc_conversion_rate = get_exchange_rate(transaction_date, 
 						self.price_list_currency, self.company_currency)
 
 			# currency
@@ -154,7 +154,7 @@
 			elif self.currency == self.company_currency:
 				self.conversion_rate = 1.0
 			elif not self.conversion_rate:
-				self.conversion_rate = get_exchange_rate(translation_date, self.currency,
+				self.conversion_rate = get_exchange_rate(transaction_date, self.currency,
 					self.company_currency)
 
 	def set_missing_item_details(self, for_validate=False):
diff --git a/erpnext/manufacturing/doctype/bom/bom.py b/erpnext/manufacturing/doctype/bom/bom.py
index 2a27922..783df20 100644
--- a/erpnext/manufacturing/doctype/bom/bom.py
+++ b/erpnext/manufacturing/doctype/bom/bom.py
@@ -3,7 +3,7 @@
 
 from __future__ import unicode_literals
 import frappe
-from frappe.utils import cint, cstr, flt
+from frappe.utils import cint, cstr, flt, nowdate
 from frappe import _
 from erpnext.setup.utils import get_exchange_rate
 from frappe.model.document import Document
@@ -229,7 +229,7 @@
 			frappe.throw(_("Currency of the price list {0} is not similar with the selected currency {1}").format(self.buying_price_list, self.currency))
 
 	def set_conversion_rate(self):
-		self.conversion_rate = get_exchange_rate(self.currency, self.company_currency())
+		self.conversion_rate = get_exchange_rate(nowdate(), self.currency, self.company_currency())
 
 	def validate_materials(self):
 		""" Validate raw material entries """
diff --git a/erpnext/patches.txt b/erpnext/patches.txt
index c4b66e7..94212ec 100644
--- a/erpnext/patches.txt
+++ b/erpnext/patches.txt
@@ -354,4 +354,5 @@
 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 0000000..7d8e4f0
--- /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 b82f142..c31b0c8 100644
--- a/erpnext/public/js/controllers/transaction.js
+++ b/erpnext/public/js/controllers/transaction.js
@@ -413,7 +413,7 @@
 	transaction_date: function() {
 		if (this.frm.doc.transaction_date) {
 			this.frm.transaction_date = this.frm.doc.transaction_date;
-			frappe.ui.form.trigger(me.frm.doc.doctype, "currency");
+			frappe.ui.form.trigger(this.frm.doc.doctype, "currency");
 		}
 	},
 
@@ -455,7 +455,7 @@
 
 	currency: function() {
 		/* manqala 19/09/2016: let the translation date be whichever of the transaction_date or posting_date is available */
-		translation_date = this.frm.doc.transaction_date || this.frm.doc.posting_date;
+		var transaction_date = this.frm.doc.transaction_date || this.frm.doc.posting_date;
 		/* end manqala */
 		
 		var me = this;
@@ -465,7 +465,7 @@
 		// 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(translation_date, 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);
 				});
@@ -493,11 +493,11 @@
 		}
 	},
 
-	get_exchange_rate: function(translation_date, 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: {
-				translation_date: translation_date,
+				transaction_date: transaction_date,
 				from_currency: from_currency,
 				to_currency: to_currency
 			},
diff --git a/erpnext/setup/doctype/currency_exchange/currency_exchange.json b/erpnext/setup/doctype/currency_exchange/currency_exchange.json
index 56e914a..76e1a6b 100644
--- a/erpnext/setup/doctype/currency_exchange/currency_exchange.json
+++ b/erpnext/setup/doctype/currency_exchange/currency_exchange.json
@@ -79,12 +79,8 @@
    "ignore_user_permissions": 0, 
    "ignore_xss_filter": 0, 
    "in_filter": 0, 
-<<<<<<< HEAD
    "in_list_view": 1, 
    "in_standard_filter": 1, 
-=======
-   "in_list_view": 0, 
->>>>>>> 4a0c8400762adb857c8e929d3af56ba83d8c3f76
    "label": "To Currency", 
    "length": 0, 
    "no_copy": 0, 
@@ -142,11 +138,7 @@
  "issingle": 0, 
  "istable": 0, 
  "max_attachments": 0, 
-<<<<<<< HEAD
- "modified": "2016-11-07 05:28:09.772560", 
-=======
- "modified": "2016-09-05 22:47:38.746711", 
->>>>>>> 4a0c8400762adb857c8e929d3af56ba83d8c3f76
+ "modified": "2016-11-08 05:28:09.772560", 
  "modified_by": "Administrator", 
  "module": "Setup", 
  "name": "Currency Exchange", 
diff --git a/erpnext/setup/doctype/currency_exchange/test_currency_exchange.py b/erpnext/setup/doctype/currency_exchange/test_currency_exchange.py
index 0077630..69ca1c2 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("2016-01-15", "USD", "INR")
+		self.assertEqual(exchange_rate, 60.0)
+		
+		# Exchange rate as on 15th Dec, 2015, should be fetched from fixer.io
+		exchange_rate = get_exchange_rate("2015-12-15", "USD", "INR")
+		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 17ca1a5..23edd8a 100644
--- a/erpnext/setup/doctype/currency_exchange/test_records.json
+++ b/erpnext/setup/doctype/currency_exchange/test_records.json
@@ -1,21 +1,21 @@
 [
  {
   "doctype": "Currency Exchange", 
-  "date": "01-01-2016",
+  "date": "2016-01-01",
   "exchange_rate": 60.0, 
   "from_currency": "USD", 
   "to_currency": "INR"
  }, 
  {
   "doctype": "Currency Exchange", 
-  "date": "01-01-2016",
+  "date": "2016-01-01",
   "exchange_rate": 0.773, 
   "from_currency": "USD", 
   "to_currency": "EUR"
  }, 
  {
   "doctype": "Currency Exchange", 
-  "date": "01-01-2016",
+  "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 3adca56..9a8ae07 100644
--- a/erpnext/setup/utils.py
+++ b/erpnext/setup/utils.py
@@ -65,22 +65,22 @@
 	frappe.db.commit()
 
 @frappe.whitelist()
-def get_exchange_rate(translation_date, from_currency, to_currency):
-	if not (translation_date and from_currency and to_currency):
+def get_exchange_rate(transaction_date, from_currency, to_currency):
+	if not (transaction_date and 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
 	
-	# cksgb 19/09/2016: get all entries in Currency Exchange with from_currency and to_currency. Order by date desc. Top one is the required 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(translation_date)], 
+			["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)
 
@@ -102,5 +102,5 @@
 
 		return flt(value)
 	except:
-		frappe.msgprint(_("Unable to find exchange rate for {0} to {1} for key date {2}").format(from_currency, to_currency, translation_date))
+		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/stock/doctype/material_request_item/material_request_item.json b/erpnext/stock/doctype/material_request_item/material_request_item.json
index f7ca7d9..b1d6ec0 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",