This documentation provides details on how to set this up, how to use it, and what to look out for.
The objective of this feature is to help manage multiple currencies and simplify impact reporting.
Now, at the start, even if you add a monetary indicator, you wouldn't see any option in the base currency option (shown below).
That's because you need to add currencies first and set one as the base or output currency.
How to set the base currency
The first step is to allow or add some currencies first in the setup panel.
Navigate to the setup panel through the "Settings" link on the left-hand side panel. Then, go to the "Sururate" tab under the "Usage and Account" settings.
Once you're in the "Susurate" tab, you will find a plus button that would allow you to allow currencies.
Click on it and various national flags will appear. If you know the flag, you can click on it right away. Otherwise, you can use the search function and type in the currency i.e. USD.
For example, if you type "USD" in the search bar, you will see the flag of the United States of America.
Once you see the country of origin of the currency you want to add, click on the flag.
Add the currencies you want to allow.
Once done, click on the "Save" button.
When you define a monetary indicator, you can select any of the currencies you allowed or added as the base or output currency.
Note that amounts can be entered in any of the accepted currencies. If the input currency matches the output currency, a conversion rate of 1 is automatically used.
For non-matching currencies, you need to set up exchange rates (more on this later).
How to add a monetary indicator
For this, go to the "Susurate" feature and click on the "Impact indicators" link on the left-hand side panel.
Once there, navigate to the "Monetary" tab.
All monetary indicators will be listed on the next page. But since there are no monetary indicators yet, it's still empty.
Now, click on the "Add a monetary indicator" button on the right side.
Fill out the forms and provide the necessary information. Since there are now allowed currencies on your portal, you can now freely select from any of those currencies.
Once you're done, click on the "Create indicator" button at the bottom of the page.
How to add a monetary indicator to an initiative
If you have added a regular indicator to an initiative before, then you practically know already how to do this since the steps are the same.
First, go to the target initiative summary page first.
One of the ways to do that is by going to the "Initiatives" page under the "Susurate" feature.
Once here, search for the initiative and click on it when you find it.
The other way is by going to the organisation page that initiated the initiative. Look for it and when you find it, click on the "Report details" button.
On the next page, click on the "Initiative dashboard" button to visit the initiative summary page.
On the summary page, check the box to show the indicators as a table. Then, click on the "Add an indicator" button.
On the form, search for the monetary indicator and click on it. Once you're done, click on the "Add indicator(s)" button below it.
Now, when you report on an initiative, you will see the monetary indicator on the reporting page as shown below.
How to capture the currency exchange rates
Currency exchange rates are not fixed. Your company has to decide on the methodology and apply the selected rates on the currencies on your portal.
Note that your initiative period will determine the range of the rate. If the reporting frequency is monthly, then it's easier since you can then provide the rate for the whole month.
Now, once you entered the exchange rates, the exchange conversion will be done automatically by the system.
You would know if you didn't enter an exchange rate on the currencies as you will see blank data and a warning icon on the reporting (since the system is unable to calculate the conversion).
You will also see a notification on the initiative summary page about missing exchange rates.
To provide the exchange rates, you can directly click on the money button on the reporting page as shown below.
You can also do this from the initiative summary page. If you scroll down below, you will find a button that says "Currency exchange rates". Kindly click on that button.
On the next page, you will be able to set the currency exchange rates. Simply enter in the form provided the exchange rate as shown below.
In the upper-right corner, you will find a button that would reverse the direction of the rates.
There's also a checkbox below that when you tick it, the rates you entered will be applied to all exact matching periods in all initiatives.
Once you're done, click on the "Update rates" button.
If you recheck the reporting page, you would see that all the data earlier that were blank are now filled out.
If you go back to the initiative summary page, you would now see the total monetary indicator (without any red warning notification).
