Creating Currency Codes and Exchange Rates

Before you can accept any foreign currency from members, you must create the currency codes for each currency your organization plans to accept and enter it in Personify. This allows you to create exchange rates for each to your base currency and map receipt types to the different currencies. Personify can not associate any receipt type or merchant ID with a currency unless the currency has a currency code associated with it in the application.

To create currency codes:

1.    From the Personify menu bar, select System Admin > System Setup > Currency Setup.
The Currency Exchange Rate Maintenance screen displays.

2.    Click Create New.
The Currency Exchange Rate Maintenance screen displays, as shown below.

3.    In the Base Currency Code field, enter a currency code in the left field and a description of that currency in the right field.

This does not have to be your base currency; however, you do need to make sure you create a currency code for your base currency. You also need to create a currency code for every currency you want to accept from your organization’s members.

4.    Using key codes, enter the Currency Symbol.

5.    If it exists, enter the currency’s Precision.
For example, you can break down a US dollar to the hundreth (.01) so the currency precision is 2. Since you can not break down a Japanese Yen any smaller than one yen, the currency precision is 0.

6.    In the CCP Currency Code field, enter a currency code.

7.    In the Currency Number field, enter the currency number.

8.    Click Save.

9.    Repeat steps 2-6 for each currency you want to accept from members making sure to include your base currency.

Only your base currency shows other currencies and their exchange rates for the base currency in the Exchange Rate for Other Currencies table.

10.  To add a new exchange rate, complete the following steps:

a.    Click Add Exchange Rate under the Exchange Rate for Other Currencies table.
A new row appears in the table.

b.    From the available drop-down calendar, select the Exchange Date.

c.    Enter the exchange rate in the Exchange Rate field.

d.    Optionally, you can enter an End Date for the exchange rate.

e.    Select the correct currency from the Currency drop-down.

f.      Click Save.

11.  To update an exchange rate for a currency code, add a new instance of the same currency code with a later Exchange Rate Date and new Exchange Rate and click Save.

Updating an exchange rate by adding a new rate for the same currency code automatically removes the previous exchange rate from the Current list once you reach the new Exchange Rate Date. The new Exchange Rate Date enters in as the End Date for the previous exchange rate.

If a user backdates a batch to a date associated with a previous exchange rate, the system uses the exchange rate active on that date.

To view only the current Exchange Rates for your association, select the Current radio button in the Filters section.

To view every exchange rate ever entered in the application, select the All radio button in the Filters section.

If you update existing exchange rates while viewing only current rates, the old exchange rates remain in the list until you click the All radio button and click Current.