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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.

• When your Organization is first set up, a US Dollar currency is created and set as the default currency - USD. See Setting Default Currency below for further details.

The currency you select for your Organization determines the billing currency. This billing currency can be different from the 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 on that Plan are calculated first in GBP, and then charge amounts are converted to USD for billing.

• If you expect to use pricing currencies that differ from your billing currency, you can add conversion rates under Currency conversions.

• 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 use these 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.

This topic explains how to set the default currency, how to create standard and custom currencies for your Organization, how to add currency conversion rates, and how to delete or archive a curtrency:

• Setting Default Currency

• Creating Standard Currencies

• Creating Custom Currencies

• Adding Currency Conversion Rates

• Deleting and Archiving Currencies

Setting Default Currency

When an Organization is first created in m3ter, US Dollar (USD) is added as the default currency and set at Organization level as the billing currency. This is to ensure from the outset a billing currency is defined and Bills can be immediately generated for your Organization. You cannot delete the currency which is set as the default currency. If you want to make another currency the default for your Organization, you must first create the currency and then set it as the default.

To set the default currency for your Organization:

1. Select Settings. The Organization page opens.

2. Select Currency settings:

The Currency settings page opens:

• In this example, USD is set as the DEFAULT.

• If the currency you want to use as your Organization's default is not listed, under Configured currencies select Create currency. See below Creating Standard Currencies or Creating Custom Currencies for details on how to create currencies.

3. Select the currency you want to use as the default, and then select Set as default currency. A confirmation dialog appears.

4. Select Set as default currency to confirm the selection. The Configured currencies list adjusts and the selected currency is now shown as DEFAULT:

• In this example, British Pound (GBP) has been set as the DEFAULT currency.

• Note that you cannot delete a currency that is set as Organization default.

Creating Standard Currencies

To create a Standard Currency for your Organization:

1. Select Settings>Organization. The Organization page opens.

2. Select Currency settings. The Currency settings page opens.

3. On the Configured currencies panel, 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.

• (Optional) Note that if you leave this blank, then the default number of decimal places will be used for the selected standard currency.

• The maximum number of decimal places is 5. If you enter a number greater than 5, you'll receive an error when you try to create the currency.

6. If you want to archive a currency at any time, you can use the Archived switch to do so.

7. Select Create currency. You are returned to the Currencies setting page where the new standard currency is listed on the Configured currencies panel.

Creating Custom Currencies

To create a Custom Currency for your Organization:

1. Select Settings>Organization. The Organization page opens.

2. Select Currency settings. The Currency settings page opens.

3. On the Configured currencies panel, select Create currency. The Create page opens.

4. Select Custom currency. The Currency details panel adjusts.

5. Enter a Name for the currency. (Required)

6. Enter a Code for the currency:

• (Required) Note that the Code must be three characters.

7. Enter the Maximum decimal places used when Bills are calculated using the custom currency:

• (Required) Note that if you leave this blank, then you won't be able to save the custom currency and a warning will be shown.

8. If you want to archive a currency at any time, you can use the Archived switch to do so.

9. Select Create currency. You are returned to the Currencies setting page where the new standard currency is listed on the Configured currencies panel.

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.

To add Currency Conversion Rates for your Organization:

1. Select Settings>Organization. The Organization page opens.

2. Select Currency settings. The Currency settings page opens.

3. On the Currency conversions panel, select Edit. The Edit page opens.

4. On the Currency conversions card, select Add. The card adjusts to show a new conversion rate row for you to complete.

5. Use the From and To fields for the conversion rate direction - for example, from British Pound to US Dollar.

5. Enter the Conversion rate.

6. Select Update currency conversions. You are returned to the Currency settings page and the new conversion rate is listed under Currency conversions.

Deleting and Archiving Currencies

You can delete or archive a currency at any time.

To delete or archive currencies:

1. Select Settings>Organization. The Organization page opens.

2. Select Currency settings. The Currency settings page opens.

3. If you want to delete a currency, in the Configured currencies list select the delete icon:

A confirmation dialog appears.

4. Select Delete to confirm the delete action.

• Note that you cannot delete the DEFAULT currency. You must first set another currency as the DEFAULT.

5. If you want to archive a currency, select to edit the currency:

The Edit page opens.

6. On the Currency details card, enable the Archived switch.

7. Select Update currency. You are returned to the Currency settings page where the archived currency is flagged as ARCHIVED in the Configured currencies list:

Next: Creating Credit Reasons

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