The multi-currency functionality offered in Personify allows you to set up merchant accounts to accept a variety of currencies while still maintaining your association’s financial amounts in a single currency. Setting up multiple merchant accounts in various currencies allows you to expand your association and member base across the world and provide overall flexibility to your business process. It allows your association to set up pricing, create invoices, and accept payments from your members in various forms, such as the British pound or the Japanese yen, by performing currency conversions within the application.
Personify supports this multi-currency system by maintaining a table of exchange rates against your base currency. It is up to your association to update the exchange rates to deal with fluctuating economies. You can do this on whatever schedule works best for your association and use any of the many online sources to gather this information. Information on setting up your table of exchange rates appears in the section Configuring Multi-Currency for the Back-Office.
Your association does not need to perform many steps to set up multi-currency; however, the functionality does affect a variety of screens and has various rules your association needs to understand before using it. This section covers all the configuration steps, rules, and overall functionality of multi-currency in Personify as well as provides an example at the end for tracking currency conversions throughout an order.
The Fundraising subsystem does not support multi-currency functionality for this release. The Fundraising screens remain in base currency, but you can make a foreign currency donation using the Order Entry screen (instead of the Donation Entry screens).