Configure Currencies

Restore Visibility

Estimated Read Time: 4 Minutes

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Sections in this article:

• Why are Currencies Important?
• Manage Currencies
  • Select the Reporting Currency
  • Add Additional Currencies
  • Edit Existing Currencies
• Contract Currency

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Why are Currencies Important?

If you work with vendors in different currencies, you’ll need to manage more than just your native currency. Currency Management in Gatekeeper allows you to:

• Set your Reporting Currency
• Add additional contract currencies
• Manually configure exchange rates

Once configured, Gatekeeper standardises all contract values into your native currency, enabling consistent and accurate reporting.

Manage Currencies

To access and edit currencies:

1. From the navigation menu, expand the Settings option then click Configuration.
2. Click Currency.

From here, you can view the current settings and make any necessary changes. There may be only one currency listed under Your Currencies if no other currencies have been added to Gatekeeper.

Select the Reporting Currency

Under Your Reporting Currency, any currency that you’ve configured can be chosen as the currency for displaying in all your reports. To make a change, select the desired currency from the dropdown list and click Save.

 

Add Additional Currencies

To add new currencies:

1.  Click Add Currency.
2. A new row will then appear at the bottom of your currency list. Search for and select the name of the currency you want to add.
3. Enter the exchange rate by specifying how many units of the selected currency equal one unit of your reporting currency.
4. Click Save.

Edit Existing Currencies

To make changes to your existing currencies:

1. Click the pencil icon on the relevant currency
   1. Update the values then click Save, or,
   2. click the delete icon.

Contract Currency

Each contract will show the contract value in the currency selected for that contract record. This will display the currency code next to the Contract Annual Values to avoid any confusion between the overall reporting currency and the contract's currency being shown.

In contrast, the list view will show the value in the reporting currency rather than the contract's original currency to allow for easy comparison and filtering.