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Configure Currencies

This article covers how to configure multiple currencies in Gatekeeper, including amending the Reporting Currency.

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Estimated Read Time: 4 Minutes

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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.

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Note: Users require the Administrator role and Configuration additional permission to manage currencies.

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.

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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.

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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.

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. add currency-1
  3. Enter the exchange rate by specifying how many units of the selected currency equal one unit of your reporting currency.
  4. Click Save.

Note: As the exchange rate is set manually, it is fixed and does not update automatically. It's recommended to use a spot exchange rate provided by your organisation's finance team, or use xe.com to view historical and current exchange rates.

Edit Existing Currencies

To make changes to your existing currencies:

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

edit currency 2

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.

contract currency

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. 

reporting currency

Note: When exporting contract data, the currency that the value is displayed in will depend on the export option used: 

  • CSV | All Pages or CSV | Current Page will export the value in the contract's original currency.
  • CSV | This View | All Data or CSV | This View | Current Page will export the value in the reporting currency.

FAQs

Why does the contract value look different on the contract record compared to the list view?

The contract record shows the value in the currency selected for that contract, displayed alongside the currency code. The Vault list view converts all values into your reporting currency to make comparison and filtering consistent across contracts.

I can only see one currency in the dropdown when creating a contract. Can I add more?

Additional currencies need to be added by a Global Administrator with the Configuration additional permission before they appear as options on contract records. If you can only see one currency, it means no others have been configured yet.

Can I filter the Vault to show only contracts in a specific currency, for example, to see all USD contracts?

Yes. You can add a filter in the Vault using the contract currency field to show only records using a particular currency.

Can I add a currency for vendor records, or is it only for contracts?

Currency is only configurable on contract records, not on vendor records. This is because a vendor may be associated with contracts in different currencies, so the currency field lives on each individual contract rather than on the vendor. If you need to capture a primary currency against a vendor, you could create a custom dropdown field on the vendor record to do this.

Can I delete a currency that's no longer in use?

You can only delete a currency if it isn't assigned to any contracts, including archived ones.