Ordway supports multiple foreign currencies and their respective exchange rates. Each currency must first be set up by navigating to Menu > Setup > Billing > Manage Currencies. Following setup, transactions can be recorded in any supported currency and subsequently converted into your entity’s base currency. 

The default currency is USD. 

Note: Contact Ordway Support if an entity’s base currency needs to be updated.

Best Practice: Set the Ordway base Currency to match the currency selected in Payment Gateway(s). 

Table of Contents: 

• View Currencies
• Exchange Rates
• Consolidated Exchange Rates
• Exchange Rate Options for Invoice Conversion
• Add A Currency
• Disable a Currency

View Currencies

1. Navigate to Menu > Setup > Billing > Manage Currencies. 
   
2. Click the Currency Name  to view corresponding data:
   This example includes Set Rate as the Exchange Rate Type and displays the Daily Set Rates tab and Consolidated Exchange Rates tab. 
   
   The Consolidated Exchange Rates are displayed when Market Rate is the Exchange Rate Type.
   Example:
    

Exchange Rates

When setting up a new currency, users have the option to manually define the exchange rate between the foreign currency and base currency or automatically source the Market Rate using Ordway’s rate provider, Fixer.io. 

When Market Rate is selected, rates are retrieved from Fixer.io on a daily schedule at 10:01PM EDT.

When Set Rate is selected, users have the option to use foreign exchange rates from other sources, enabling companies to align foreign exchange rates between Ordway and the general ledger. Using the Set Rate, users can send Ordway foreign exchange rates automatically via API or manually through CSV import or defining the rate in the user interface.

Contact Ordway Support to have this feature enabled. 

Once a rate source (Market Rate or Set Rate) is defined, an Exchange Rate is stored with any Ordway transaction generated in the non-base/foreign currency. Ordway uses the following logic when defining the Exchange Rate to be stored on a transaction: 

• Subscriptions and Orders: the daily rate corresponding to the Order Date.
• Payments: the daily rate corresponding to the Payment Date.
• Credits: the daily rate corresponding to the Credit Date.
• Refunds: the daily rate corresponding to the Refund Date.
• Invoices: the rate as defined as the Invoice Currency Conversion setting (Menu > Setup > Finance > Multi-currency Accounting > Invoice Currency Conversion).
• Revenue Recognition Schedules: the rate as defined as the Revenue Schedule Currency Conversion setting (Menu > Setup > Finance > Multi-currency Accounting > Revenue Schedule Currency Conversion).

Consolidated Exchange Rates

Ordway’s Consolidated Exchange Rates include both average and end-of-month rates. These rates are sourced by Fixer.io and can be used to convert invoices and revenue schedules today. They will eventually support foreign currency revaluation calculations and consolidated reporting.

Average Rate (AVG) - Average exchange rate within a given financial period. This rate is automatically calculated and can be overridden when a financial period is open. The Average Rate can be used in converting non-base currency revenue schedules and will eventually be leveraged in consolidated reporting.

End of Month Rate (EOM) - Exchange rate on the last day of a given financial period. This rate is automatically calculated and can be overridden when a financial period is open. This rate is currently informational, but will eventually support foreign currency revaluation calculations and consolidated reporting.

Exchange Rate Options for Invoice Conversion

The Invoice Currency Conversion setting offers users the flexibility to define which exchange rate to use when translating invoices from their transaction/non-base currency to the entity’s base currency.

1. Navigate to Menu > Setup > Finance. 
2. In the Multi-currency Accounting section, define which of the following exchange rates Ordway will use to convert invoices to the entity’s base currency:
   • Subscription/Order Rate - Converts the invoice using the exchange rate stored on the related subscription.
   • Daily Rate - Converts the invoice using the daily rate corresponding to the invoice date.
   • Average Exchange Rate - Uses the invoice period’s current average rate as of the invoice date.

Add A Currency

Steps:

1. Navigate to Menu > Setup > Billing > Manage Currencies. 

2. Click Add. 

3. Populate the new Currency:

• Enter the Currency Name.
• Select the Currency Code from the available drop-down menu. 
• Select the Exchange Rate
  • Set Rate - manually define exchanges rate for a given day or time period
    
    • Set Rate - user defined exchange rates for a given day or time period; can be set through APIs, by CSV import, or manually in the user interface.  Contact Ordway Support to have this feature enabled. 
    • Market Rate - automatically source exchange rates using Ordway’s rate provider, Fixer.io
• When Market Rate is selected, set the Exchange Rate Precision (number of decimals) at which you’d like the exchange rate stored.
  • The default setting is four decimal places and can be adjusted to up to six decimal places.
• Toggle the Status ON to enable the currency for use in Ordway.

4. Save when finished. Once enabled, the new currency can be added to Customers in Ordway.

Disable a Currency

Steps:

1. Navigate to Menu > Setup > Billing > Manage Currencies. 
2. Open the desired Currency.
3. Toggle the Status OFF to disable the currency for use in Ordway.
   
   
4. Save when finished.