Creating and Managing Currencies
You can create Currencies for your Organization:
The currencies you create will appear for selection in drop-down lists when you create and configure other entities in your Organization, such as Plan Templates or Accounts.
You can set the maximum decimal places used for currencies.
The currency you select for your Organization determines the billing currency. This billing currency can be different to a pricing currency used when pricing Product Plans:
For example, if the Organization billing currency is set to USD and a Plan used for an Account uses a pricing currency of GBP, the charge amounts for an Account using that Plan are calculated first in GBP, and then each amount is converted to USD Bill line item amounts.
If you expect to use pricing currencies that differ from your billing currency, you can add conversion rates under Currency Conversions when you edit your Organization configuration.
Note, importantly, that if you don't define a conversion rate to convert a pricing currency you've used to the billing currency used for an Account, Bills will fail to generate for that Account - see below Adding Currency Conversion Rates.
When you select a Currency to use for a specific Account, you can choose to use the Account currency as the billing currency and override the billing currency selected at Organization level.
You're not restricted to creating standard world currencies - such as US dollars (USD) or British pounds (GBP) - you can also create non-standard or custom currencies for your Organization and which you intend to use as a billing currency for your end customer Accounts. You might want to:
Allow your customers to be able to purchase custom currency amounts as credits to use for consuming your products and services.
Use custom currency amounts to offer bonus or sign-up credits to your customers to spend when consuming your products and services.
Tip: Why different pricing/billing currency? If you have end customer Accounts located across many different countries, you may nevertheless want to always price for product usage in the same single currency. You can then select a different billing currency on an Account-by-Account basis to ensure you Bill each of your customers in the currency appropriate to their geographical location.
Tip: Default Currency? When your Organization is first set up, a single currency is created by default - USD. You can go on to archive this currency if not required, and add the currencies you do need in your Organization.
This topic explains how to create standard and custom currencies for your Organization and how to add currency conversion rates:
Creating Standard Currencies
To create a Standard Currency for your Organization:
1. Select Settings>Organization. The Organization page opens with the Overview tab selected.
2. Select the Currencies tab.
3. Select Create Currency. The Create page opens.
4. If you want to create a Standard currency, this is selected by default under Currency Details. Use the drop-down list to select which standard world currency you want to create.
5. If you want to control the number of decimal places used when Bills are calculated using the standard currency, enter the Maximum decimal places. Note that if you leave this blank, then the default number of decimal places will be used for the selected currency.
6. If you want to archive a currency at any time, you can use the Archived switch to do so.
Warning! If you archive a currency, it will no longer be available in Currency drop-down lists across your Organization.
7. Select Create. You are returned to the Currencies tab where the new standard currency is listed.
Creating Custom Currencies
To create a Custom Currency for your Organization:
1. Select Settings>Organization. The Organization page opens with the Overview tab selected.
2. Select the Currencies tab.
3. Select Create Currency. The Create page opens with the Standard currency option selected by default under Currency Details.
4. Select Custom currency. The Currency Details panel adjusts.
5. Enter the Name and a Code for the currency.
6. If you want to control the number of decimal places used when Bills are calculated using the custom currency, enter the Maximum decimal places. Note that if you leave this blank, then the default number of decimal places will be used for a custom currency.
7. If you want to archive a currency at any time, you can use the Archived switch to do so.
Warning! If you archive a currency, it will no longer be available in Currency drop-down lists across your Organization.
8. Select Create. You are returned to the Currencies tab where the new custom currency is listed.
Adding Currency Conversion Rates
You can select a billing currency at either Organization or individual Account level:
If you use a different pricing currency for an Account Plan attached to an Account, when a Bill is generated line items are calculated in the pricing currency and then converted to the billing currency.
If you intend to use mixed currencies, you can add any required currency conversion rates when you edit your Organization.
Important! If you haven't set up a conversion rate to convert pricing currency amounts to billing currency amounts, Bills will fail for the Account and you'll receive an error alert.
To add Currency Conversion Rates for your Organization:
1. Select Settings>Organization. The Organization page opens with the Overview tab selected.
2. On the Organization Configuration panel, select Edit Configuration. The Organization Configuration page opens.
3. Scroll to the bottom of the page and under Currency Conversions, select Add.
4. Use From and To select the conversion rate direction - for example, from British Pound to US Dollar.
5. Enter the Conversion rate.
6. Select Update Organization Configuration. You are returned to the main Organization page Overview tab where the new currency conversion rate is listed under Currency Conversions on the Organization Configuration panel.
Next: Creating Credit Reasons
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