Multi-Currency Extension Overview

Key features: 

• The extension allows customers to submit, approve, and pay transactions in local currency. At the same time, it stores base currency equivalents to support accurate tracking and reporting.
• The system maintains a consistent experience by retaining the same currency conversion rate from the time of submission through to payment.
• Customers can configure currency rate management by choosing a floating exchange rate (updated daily) or supplying their own static annual rates.
• Full compatibility with existing Dollars for Doers and employee engagement programs ensures that all related balances and limits are respected across currencies.
• The extension enforces minimum and maximum gift amounts per proposal type and currency through a centrally managed Min/Max table.
• Administrators and donors can view real-time matching gift balances and limits via portlets that display both local and base currency values. 

Limitations and considerations: 

• Each proposal type that contributes to a global match limit must share the same fiscal year.
• The donor’s local currency must be included in the Human Resources (HR) file feed. Only one currency per donor is supported at a time.
• If a donor changes their local currency, their matching gift limits will reset to the full balance in the new currency.
• The match function performs all balance checks and summations against the donor’s local currency amounts.
• Proposal types under a shared global match limit must use the same fiscal year and belong to a unified donor balance structure.
• Floating foreign exchange rates may result in fluctuating balances.  
• Using static foreign exchange rates can lead to minor rounding errors during conversions.
• Customers must participate in a comprehensive User Acceptance Testing (UAT) process and provide sign-off before production deployment.
• Requests to modify functionality post-launch may incur additional costs and could affect implementation timelines.
• Customers may make one change per calendar year to the extension configuration, in accordance with Bonterra’s standard policy. 

The Multi-Currency Extension is available to both new and existing CyberGrants customers. New customers can enable it without data changes, while existing customers require a ‘customization impact analysis’ and ‘currency backfill’ to ensure compatibility.

To learn more about this Extension, please review the following articles. For assistance with acquiring this extension, please reach out to your assigned Implementation team's Project Manager. 

What do you need help with?

• What is the Multi-Currency Extension?
• How do I implement the Multi-Currency Extension?

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