To use Kantata OX's multi-currency functionality, you must first enable Access Groups, and then configure the appropriate Foreign Exchange settings. Account Administrators do not have Foreign Exchange access by default. They must be added to a group with Foreign Exchange permissions.
Expenses in multiple currencies are a part of doing business in the global economy. With Kantata's Foreign Exchange feature, you can import a currency exchange table from a CSV file, track expenses in other currencies, and convert them to the project's currency. When coupled with Kantata Insights, you'll gain in-depth reporting on how your project fees compare to converted fees, giving you a better understanding of your business' global financial health.
Exchange Table Page
The Exchange Table contains all of your foreign exchange information. At a glance, you can see what currencies you are using, the exchange rate, and when that rate is in use. If you haven't added an exchange table yet, the Default Exchange Table will appear empty.
The exchange table consists of the following columns:
- Source Currency—The currency you are converting from.
- Target Currency—The project currency, or the currency you are converting to.
- Exchange Rate—The value of one currency when converted to another.
- Effective Date—The date the exchange rate takes effect. It can be on a daily or monthly basis.
A Source Currency and a Target Currency makeup a currency pair. If you are using Kantata Insights, the exchange rate table is limited to 400 pairs.
While you currently can't delete exchange rates directly from the table, if you find an error or need to add, update, or remove any, you can import a new CSV file. As long as the Effective Dates are the same, the new rates will override the old rates in the table. Importing rates with different Effective Dates will add new rows to the table.
Importing exchange rates that have an Effective Date in the past will not update historical records. The Exchange Rate is captured based on the Effective Date at the time a record is created, so if you need to backdate the exchange rate on historical records, follow the steps for editing an approved expense.
How to Enable Foreign Exchange and Currency Conversion
- Hover over Settings in the left navigation and select Access Groups.
- Either create a new Access Group or select an existing Access Group.
- Select Edit to the right of the Foreign Exchange set.
- Check the boxes for Access and view the Foreign Exchange Table and Add and update the Foreign Exchange Table so that members of the group can view the exchange table and import exchange rate CSV files.
- Click Save.
To learn more about what settings are available for Foreign Exchange, please see our Access Group Set: Foreign Exchange article.
Now that you've set up your access groups for foreign exchange, you'll need to import your exchange rate file so members can convert currency for financial data such as expenses and cost budgets.
- Foreign Exchange Overview
- Foreign Exchange Access Group Set
- Supported Currency ISO Codes and Formats
- What are Access Groups?
- Import Exchange Rates from a CSV File
- How to Create a New Access Group
Kantata OX API