Money Fields and Currency Handling

Modified on Fri, 11 Feb 2022 at 01:26 PM

Imagine you run initiatives across the border of your head office. Your funds are provided in USD but spent in Euro.

Impact reporting is a challenge before one might attempt to try to match exchange control fluctuations.

You might want to know 'In USD, what was the total spend on all our investments this month?'

Simple, right? But to do this, you would need to set and approve a rate for the period (which is better if done monthly calculated from the average daily rate).

Then, you need to collect the end-user (investment currency) and value.

Once all this is collected (and the period has passed, i.e. it is now the 5th of the next month), you'll then need to run the conversion in order to work out the total in your base currency to report back to targets and budgets.

Sounds like a hassle, right?

Let's avoid national head offices which delay our data and reporting.

If you get the source data as it is and you validate it directly, you have direct sight of performance even sooner. Blockchain enthusiasts might be nodding in agreement with this idea.

This might be simple to manage if you have one program and one budget. However, this is not always the reality.

Fortunately, Susurate manages multiple currency conversions to simplify impact reporting.

With Susurate, Super Admins only need to:

  • Select the allowed currencies
  • Indicate which initiatives need to report on spend
  • Capture the 'monthly' rate approved by your finance department
  • Sit back and watch the magic

Your investments only need to:

  • Report as they used to, no more complex calculations back and forth.
  • Click the flag of their country, which offers the local currency.
  • Click Submit!

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