Multiple Currency (Overview)

The system provides a configuration option that turns on and off the Multiple Currency feature for the Development/Alumni module. The Development/Alumni and the Business Office modules share the Currency Master table, which allows one currency to be designated as the "base" currency.

When the Enable Multiple Currency Features checkbox is selected on the Development Configuration window, the following occurs:

·       The Currency and Exchange Rate columns are displayed on the Maintain Gifts window. You must choose the currency in which all gifts for that Gift Group will be entered. Once the currency is chosen, the value in the Exchange Rate column will default to the AP Exchange Rate for that currency; however, you can change the default value. This exchange rate will be used to convert all gifts in the particular Gift Group to the base currency. The currency and exchange rate will be stored with the Gift Group Control information.

 

If a donor from the U.S. gives $100, the gift will be entered and stored as a $100 gift. If a donor from Canada gives $100, the gift will be entered and stored as a $100 gift. The system will know the currency of the gift because of the currency and exchange rate selected. Also, the gifts would be entered in separate gift groups.

·       Any necessary conversion takes place when the gifts are booked to Business Office. The exchange rate used will be the rate specified for the gift group in the Exchange Rate column on the Maintain Gifts window. For foreign currency gifts, the base currency amount, the foreign currency code, and the foreign currency amount are stored on the BU Transactions table.

·       When receipts are generated for a gift group, the receipts show amounts along with a currency code [e.g., Total Gift Amount: $105.00 (US)].

·       When an Edit of Receipts report is generated, the report shows amounts along with a currency code.

·       All remaining module functions (reports, giving summary information, gift entry, etc.) use the amounts without regard to currency.