If you are an event organizer planning events in different countries and continents, you may have the challenge of different currencies. If you organize conferences and offer online attendee registration, you may want attendees to be able to see registration fees in their local currency. If you are organizing exhibitions, you may want exhibitors to see and order products and services in their local currency. This especially applies if your events are local and attract a particular nationality or region sharing the same currency.
The following examples give you an idea of how different scenarios can be managed in Enterprise. In all examples, the organization's default currency is Euros.
Scenario 1: I am organizing an event in the UK. Event attendees are mainly from within the UK and prefer to pay their registration fee in British Pounds.
In the system, you can manage as many different currencies as needed in the Currency Exchange Rates screen. Since currency exchange rates fluctuate, it is important to maintain the exchange rates between your default currency and the other currencies. Be aware that currency exchange rates need to be entered into the system manually. You can do this as often as required. How often you update exchange rates depends on your sales and pricing strategy and currency fluctuation rates. While frequent (daily) updates reduce the risk of foreign currency gain/loss, it could not match your sales and pricing strategy or could potentially result in many decimals. We recommend a manual update on a monthly or annual basis.
Once multiple currencies have been set up in the system, you can create different price lists, one for each currency (price lists can be copied).
For your event, you can now use items in the local currency, whether it is a registration fee or an exhibitor package you sell to exhibitors. Registrants and customers see prices and fees in their local currency when registering online or purchasing products or services.
In Back Office you can always see two columns: the Local Ordered Total and the Ordered Total (default currency). The Currency column tells you in which currency the order was made. “(***)” always refers to the default currency.
If you are sending registration confirmations, proposals or order confirmations, these reports can be designed to show the local currency instead of the default one. Be aware that such reports are custom reports.
Scenario 2: What if I need to manage multiple currencies for one event?
If your event attracts attendees from different regions and currencies, and you would like attendees to see registration fees in their currencies, you can set up multiple web configurations, each having a different price list assigned, thus a different currency. Like with different language setups, registrants need to make sure to use the correct web configuration with the preferred currency.
Momentus Enterprise also provides the ability to process accounts receivable transactions dealing with foreign currencies. When payments are received or made in a currency other than the default currency, there might be a difference between the cash flow at the time orders are created versus when the orders or invoices are settled. This means either the payment may reflect the exact amount of payment settled to the organization's cash account OR the payment may produce a foreign currency adjustment (a foreign exchange gain or loss) to be included in income.
Comments
6 comments
Any idea when Scenario 2 will be moved over to v20? Or even using multiple price list on one registration to show more than one currency for a function or registration type.
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Dear Shamil,
Thank you for your comment. The final decision on when to have multiple registration configurations and multiple price lists per registration setup in V20 has not been made yet. As soon as I can tell you more, I will update my answer.
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Update: Multiple registration configurations and multiple price lists per Registration Setup (one per configuration) is available in v20 as of v20.8.
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Hello,
Is there any prediction to add an automatic adjustment to the exchange rate function at Ungerboeck? For example, connecting the exchange rate to a website where the fluctuations are always updated.
Thanks!
Best regards,
Priscila
0 upvotes
Hi Priscila,
Sorry for the delay in responding. There isn't anything available out-of-the-box but our Technical Solutions Team has built some custom connectors in the past for other customers if that is something you are interested in. Your Account Manager or Customer Success Manager can share more details with you.
Thanks!
Maggie
0 upvotes
Thanks Maggie,
I'll investigate it.
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