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• Managing your Organization

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 Managing Default Currency for further details.

The currency you select for your Organization determines the billing currency. This billing currency can be different to a 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 using that Plan are calculated first in GBP, and then each amount is converted to USD Bill line item amounts.

• If you expect to use pricing currencies that differ from your billing currency, you can add conversion rates under Currency Conversions when you edit your Organization configuration.

• 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 which you intend to use 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 manage the default currency, how to create standard and custom currencies for your Organization, and how to add currency conversion rates:

• Managing Default Currency

• Creating Standard Currencies

• Creating Custom Currencies

• Adding Currency Conversion Rates

Managing 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 this default USD Currency.

• If you want to define a different currency as your Organization level billing currency, create the currency you need - see the following sections in this topic - and then edit the Organization configuration to set the new billing currency. See Viewing and Editing Organization Configuration.

• You can then archive the default USD currency if it's no longer required.

Creating Standard Currencies

To create a Standard Currency for your Organization:

1. Select Settings>Organization. The Organization page opens with the Overview tab selected.

2. Select the Currencies tab.

3. 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 tab where the new standard currency is listed.

Creating Custom Currencies

To create a Custom Currency for your Organization:

1. Select Settings>Organization. The Organization page opens with the Overview tab selected.

2. Select the Currencies tab.

3. Select Create Currency. The Create page opens with the Standard currency option selected by default under Currency Details.

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 tab where the new custom currency is listed.

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 with the Overview tab selected.

2. On the Organization Configuration panel, select Edit Configuration. The Organization Configuration page opens.

3. Scroll to the bottom of the page and under Currency Conversions, select Add.

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

5. Enter the Conversion rate.

6. Select Update Organization Configuration. You are returned to the main Organization page Overview tab where the new currency conversion rate is listed under Currency Conversions on the Organization Configuration panel.

Next: Creating Credit Reasons

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