Working with Multiple Currencies

If your organization is spread across multiple countries, you likely have employees working in different currencies. The Advanced ROI Module allows you to create multiple currencies so that users can record financial Impacts in their local currency.

Organizations with multiple currencies can:

• Create any number of currencies 
• Set default currencies for each Location in the Network
• Build Impact reports in any currency
• Convert between currencies

How does it Work? 

After Multi-Currency is enabled, you will work with your Customer Success Manager to create additional currencies for your organization. 

What information is needed to add a new currency to KaiNexus?

You'll need to supply your Customer Success Manager with:

• The name of the currency (e.g. U.S. Dollar).
• The currency’s code (e.g. USD) that will appear whenever people are asked to choose which currency they want to use.
• The currency’s symbol (e.g. $) and whether it should precede or follow numerical values (e.g. $100 or 50.00 SFr). 
• The default currency for each Location in your Network.

Where will these new currencies appear in KaiNexus?

If your organization has multiple currencies, a "Currency" filter will be added to:

• Quantitative (financial) Impact Types: Users can pick their currency when recording an Impact  Their Location’s default currency will be selected for them, but they’re free to change that currency if necessary.
• Filters: A "Currency" filter will be added when filtering a List of Items. Only Items with a financial Impact reported in the selected currencies will be included in the List.
• The Additional Column Options in Item Filters will also have a currency display options, allowing you to control which currencies are displayed in Impact columns and whether they are converted to another currency.  
• Impact Reports: You can pick your currency while creating Impact Reports. Only financial and soft savings Impacts logged in that currency will be included in the Report. 
  
  • If your organization is utilizing currency conversion, you can also convert between currencies on Impact Reports. This allows you to include Impacts recorded in different currencies on the same Report. 
• Impact Widgets: A “Currency” drop-down will be added when creating Total Financial Impact and ROI Widgets. Only Impacts reported in the selected currency will be included in the Widget.

Currency Conversion

Organizations with the Advanced ROI Module and multiple currencies can use currency conversion. 

Currency conversion gives you a unified view of Impact throughout your organization, even when financial Impacts are recorded in different currencies. This makes currency conversion a powerful tool that can accumulate financial Impact data across your organization into the same Report. 

Exchange Rates

Exchange Rates are used to convert financial Impact data between currencies. Your organization will have unique Exchange Rates that can be updated over time as real world market exchange rates fluctuate. 

There are two types of Exchange Rates used during currency conversion in KaiNexus. 

• Date-Specific Exchange Rates are used to convert the currency of financial Impacts realized during specific time periods. 
  • In the example image above, an Impact realized in January 2024 would be converted using the Exchange Rates in the second row of the Exchange Rate Table. 
• Default Exchange Rates are used to convert currencies when none of your Date-Specific Exchange Rates apply to the date associated with a financial Impact. 
  • In the example image above, an Impact realized in January 2023 would be converted using the Default Exchange Rates. 

Market exchange rates are constantly changing. Date-specific Exchange Rates allow you to keep up with market fluctuations, ensuring your currency conversions are as accurate as possible. Whether you are updating this table on a weekly, quarterly, or annual basis, you have the freedom to update Exchange Rates as often as you want.

Past Exchange Rates are stored in the Exchange Rate Table in Admin > Currency Exchange Rates, allowing you to reference which Exchange Rates are used to convert which Impacts.  

How to Use Currency Conversion

Currency conversion is supported in the following areas: 

• Impact Reports and their drill-down lists
• Impact Widgets
• Impact columns in Item Lists

Impact Reports

When currency conversion is enabled for your organization, there will be two additional drop-downs in the controls of Impact Reports. Use these drop-drowns to convert financial Impact data from one currency to another. 

• Use the Reported in drop-down to pick which Impacts are included in the report based on which currency they were recorded in. You can pick a specific currency or select multiple currencies. 
• Use the Display as drop-down to choose the Report's currency. All financial Impacts included in the Report will be converted to this currency. 

Impact Widgets

Currency conversion is supported on Total Financial Impact and ROI Widgets. 

When editing either of these Widgets, you'll see two fields related to currency:

• Reported in: Select one or more currencies. Any Impact initially logged in these currencies will be included in the Widget's value. 

  • Select Any Currency to include all Impacts, regardless of which currency they were logged in. 
  • Select Default to include Impact initially logged in the Board viewer's default currency. A user’s default currency is determined by their user profile setting, the currency assigned to their Location, or the organization’s primary currency if neither of the previous options is set.
• Display as: Select which currency the Impact Widget should display. Any currencies selected in the "Reported in" field will be converted to this currency and summated in the Widget's value. 

Impact Columns in Item Lists

When your Item List has an Impact column, you can control which currencies are included in the column and which currency the Impacts should be converted to. 

This is controlled through the Item List's Additional Column Options. To access it: 

• If working with an Item List Card, select the ellipsis in the top right corner of the Card, and select Edit in the menu. This will open in the Item Filter. 

• If working with a custom List, select the filter icon at the top of the List. This will open the Item Filter. 

In the Item Filter:

• Scroll down to the Additional Column Options header, and expand it. 

• There are two fields related to currency:
  • Reported in: Select one or more currencies. Any Impact initially logged in these currencies will be included in the List's Impact columns.  
    • Select Any Currency to include all Impacts, regardless of which currency they were logged in. 
    • Select Default to include Impact initially logged in the List viewer's default currency. A user’s default currency is determined by their user profile setting, the currency assigned to their Location, or the organization’s primary currency if neither of the previous options is set.

• • Display As: Select which currency the List's Impact columns should display. Any currencies selected in the "Reported in" field will be converted to this currency and summated in the column's value. 

Recommended Reading

Check out all the features available in the Advanced ROI Module:

• The Advanced ROI Module

Learn how to set Exchange Rates for your organization:

• Set Currency Exchange Rates

Learn how to convert currencies on Impact Reports:

• Impact Summary Report
• Impact Over Time Report
• Impact by Location Report
• Impact by Item Report
• Impact by Person Report
• Impact by Attribute Report