Contract currencies

A multi-currency contract can use either the Organization exchange rates or the exchange rates which have been configured specifically for the contract. The currencies available in a contract are specified in the Contract Configuration.

Note Framework agreements use only a single currency.

A maximum of 20 currency rates can be added to the contract (in addition to the base currency). The exchange rate type is one of the following:

• Organization - The rate used is specified in the Organization Best Practice Library.

• Contract - The rate used is set in the Contract Configuration.

A contract uses either Organization or Contract exchange rates for ALL currency rates.

The contract's base currency is set when the contract is created. It can be changed by editing the contract (see Edit the details of the contract) only if no communications have been created.

If the base currency is changed and the contract uses Organization currency rates, these are recalculated with respect to the new base currency. If the contract uses its own currency rates, these are unchanged.

To view contract currency rates:

1. Navigate to the Contract Configuration page.

2. Select the Currencies tab.

   The Currency Rates page is displayed.

The currency specified when the contract was created is labelled as Base Rate.

Add a contract currency rate

A maximum of 20 currency rates can be added, in addition to the base rate.

Users with the following contract roles can add contract currency rates:

• Contract Owner

• Contract Administrator

• Contract Process Owner

• Company Representative

To add a currency rate to a contract:

3. Navigate to the Contract Configuration page.

4. Select the Currencies tab.

   The Currency Rates page is displayed, listing the base rate and any additional currencies that have already been added to the contract.

5. Click Add Currency.

   The Add Currency Rate page is displayed.

6. Select the currency you want to add to the contract.

7. If this is the first currency added to the contract, set Use Organisation Level Rate:

   • If selected, the currency rates specified at organization level will be used for each currency added to the contract.

   • If cleared, a currency rate specific to the contract will be used for each currency added to the contract.

   If this is not the first currency added to the contract, Use Organisation Level Rate is pre-set and cannot be changed, because the contract cannot use a mix of Organization and contract currency rates.

8. If Use Organisation Level Rate is selected, the Exchange Rate cannot be changed.

   If Use Organisation Level Rate is cleared, enter the Exchange Rate for the currency, relative to the base currency of the contract.

   For example, when entering an exchange rate for Euro: if the base currency is US Dollars and the exchange rate is $1 to €0.74769, enter the exchange rate of 0.74769.

9. Click Save to add the currency rate.

   The Currency Rates page is displayed.

Edit contract currency rates

The base rate cannot be edited. Currency rates can only be edited for contracts that use exchange rates configured at contract level.

Users with the following contract roles can edit contract currency rates:

• Contract Owner

• Contract Administrator

• Contract Process Owner

• Company Representative

To edit a contract currency rate:

10. Navigate to the Contract Configuration page.

11. Select the Currencies tab.

    The Currency Rates page is displayed, listing the base currency and the additional currencies that have been added to the contract.

12. Click the drop-down arrow for the currency you want to edit, and select Edit Details from the menu.

    The Edit Currency page is displayed.

13. Enter the new Exchange Rate, relative to the base currency of the contract.

14. Enter the Reason for Change.

15. Click Save to save the change to the currency rate.

    The Currency Rates page is displayed.

Contract currency rate commercial audit log

To view a contract currency rate's commercial audit log, which contains a history of changes:

16. Navigate to the Contract Configuration page.

17. Select the Currencies tab.

    The Currency Rates page is displayed.

18. Click the icon for the currency rate you want to view the changes for, and select View History from the menu.

    The Currency Rate History window is displayed, in which you can see all the logged changes to the currency rate.

These include:

• When the currency rate was added, and the values of its fields.

• Changes that were made to the values of the currency rate, including the Reason for Change field.