Handling Currencies

Sylvia Cook
Sylvia Cook
Sixth Anniversary Kudos 5 Name Dropper Participant
in Blackbaud Financial Edge NXT® General Discussions
Hi, I'm new to Blackbaud and working through implementation and have a question with currencies. How do others handle paying/recording payables in a currency other than your home currency, not using the consolidation management module? Example. Home currency is CAD and we receive and invoice from a USA vendoar for $500 USD and wanting to be in USD. How is that getting recorded?


Thank you,

Sylvia

Comments

  • Kevin Brazell
    Kevin Brazell Blackbaud Employee
    Tenth Anniversary Kudos 5 First Reply Name Dropper
    Hey Sylvia, 


    FE only allows 1 currency per database. So if you need to account for several in 1, I'd recommend doing a conversion to the currency set up in your current DB to be consistent. Otherwise, to have different currencies, you'd need a database per currency, and then likely pull all the data into 1 master database. This can be done with the module Consolidation Management. 1 main database is the "parent" where all data is imported into from all the extra databases, "children" databases.  But this would mean having each database set up pretty much the same minus the currency. So not the easiest option but feasible. 

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