This article is about currency configuration in Gatekeeper, including Reporting Currency setup & modification.
This article intends to walk you through:
- Why are Currencies Important?
- Where to Edit Currencies in Gatekeeper
- Choosing Your Reporting Currency
- Configuring Your Currencies
- Editing Existing Currencies
Why are Currencies Important?
You may have contracts with Suppliers/Vendors in currencies outside of your native coin. Currency Management is the area of the Gatekeeper interface where you can configure your Reporting Currency, all other available contract currencies, and exchange rates that can be manually set.
Once the data is configured to meet your business needs, Gatekeeper offers powerful reporting across all of your contract values in your native currency to make your life easier.
Where to Edit Currencies in Gatekeeper
To access and edit Currency information stored in Gatekeeper:
- First, locate and expand the "Settings" menu within your left side navigation panel
- Next, click on the "Configuration" menu option
- From the Configuration area, find and click the blue link for "Currency" in the upper left
Note: You must be an Administrator in Gatekeeper with Settings access to interact with the Configuration options described above.
Choosing Your Reporting Currency
When you first dive into the Currency section, you’ll see two subsections:
- Your Reporting Currency and
- Your Currencies
Keep in mind that your screen may only have one currency listed under Your Currencies if no other currencies have been added to Gatekeeper.
Under Your Reporting Currency, any currency that you’ve configured can be chosen as the currency for displaying all your reports. Simply select the desired currency from the available dropdown menu and the system will start to report in that currency. Be sure to click "Save"!
Note: Prior to adding any currencies, you’ll only be able to see the one initially chosen to display for reporting when your Gatekeeper tenant was first created.
Configuring Your Currencies
To add new currencies under "Your Currencies", click the green ADD button and select Currency.
A new section will then appear at the bottom of your currency list where you can type and select the appropriate option. You’ll also enter the number of units of that currency per your native currency (aka. current exchange rate).
Currency Configuration Example
To demonstrate, I’ll add the British Pound as a new currency. Just start typing the currency and a list will appear as shown below.
In most situations, your Finance Team will provide you with a spot exchange rate but for this example, I’ll use the rate provided today at xe.com - a permanent link to which you’ll see at the bottom of your currency list in Gatekeeper.
At the time of writing this, 1 Pound sterling is equivalent to 1.31 US Dollar so I’ll select "GBP: British Pound" from the list, and put 1.31 in the empty box to the right. After adding in your new currency, be sure to save it by clicking the green Check Box.
Note: When adding currencies into Gatekeeper, please be aware of various Gatekeeper plan caps as described here.
Editing Existing Currencies
You can Edit or even Delete your existing currencies by first clicking the pencil/paper icon next to the currency you’d like to edit.
Doing this will allow you to change the spot rate as well. Just be sure to click the green Check Box to save your changes or the red trashcan to delete.