Your charity may operate in several countries, or perhaps you have donors from around the world. You will want to make it as easy as possible for your supporters to financially support your cause. With Donorfy's multi-currency feature, donations and other transactions can be collected in any currency and reported on for your charity's financials.

 

Multi-currency enables you to:

• Add transactions on Donorfy in their original source currency
• See the transactions in their converted amount for your home currency

For example:

1. A donor from the USA makes a $20 donation on card via a Donorfy Form
2. The transaction is processed into the bank via Stripe
3. A transaction is added to Donorfy for $20
4. A live exchange rate is used to convert the transaction into your home currency
5. The converted amount is shown next to the source amount on the transaction, e.g. £15.16
6. The £15.16 can then be used in all your reporting tools, such as Giving Stats and Lists

 

Key features 

• Add transactions and pledges to Donorfy in any currency (from the ISO list)
• See these transactions and pledges converted instantly into your home currency
• All transactions and pledges added to your lists and giving stats. to see a full picture of your income, regardless of currency
• Choose between a live exchange rate, or enter your own for each currency
• Take donations in different currencies via Donorfy Forms 

 

Exchange Rates

Donorfy utilises a live currency service, which will provide you with up-to-date exchange rates for the conversions into your home currency.

However, you may wish to use a standard exchange rate for the entire financial year. This can be entered into the ‘Exchange Rate’ box under each currency. This will override the live currency service, so only enter an exchange rate here if you want to use it!

 

Next Steps

Would you like to collect donations in any currency?
If the answer is yes, then find out more here to get started:

 

Terminology

Home Currency - The main currency you use in day-to-day business. E.g. for UK customers this will be GBP, for Danish customers this will be DKK.

Home Amount - The source amount converted into the customers home currency.

Source Currency & Source Amount - The currency the transaction was originally made in, and the amount in that currency.

 

Working with multiple currencies

Adding Currencies

From within Settings > Configuration > Currencies

Click the ‘+’ button on the right hand side, pick the currency from the ISO code list, and save.

Your new currency has now been added!

For more information about currencies in Donorfy see: Currency

 

 

Currency field - Every transaction, pledge, RPI, and Membership has a field called ‘currency’.

This field will automatically fill with your home currency.

The field is mandatory, but you can largely ignore it if you have no plans to utilise multi-currency features.

You can use this field to add a transaction, pledge, RPI or membership in a different currency to your home currency.

Transactions and pledges will be converted, showing a converted amount under the amount paid.

RPIs and memberships will not be converted, but their subsequent transactions will be.

 

Currency column - The file uploader has a ‘currency’ column to correspond to the currency field above.

To upload a transaction in a particular currency, use that currency’s ISO code in the currency column of the spreadsheet.

The currency code you’re using to upload must be in your list of currencies (Settings > Configuration > Currencies).

When uploading new data, if you leave the column blank, home currency will be used.

If you attempt to use a currency code not in your list of currencies, the file will error (see image below).

 

When updating data, the currency column will be overwritten just like any other column used via the updater.

If you do not want to update the currency, you must remove the column.

See Updating Transactions using the File Uploader here for detailed information.

 

Membership Products

When creating a Membership Product, you will need to assign the relevant currency.

As with other settings, this will automatically fill with your home currency.

This is to support Membership working with multi-currency and on Forms.

 

Acknowledgements and Send Document 
You may wish to thank your donors in the currency it was received in. 
 
Two new placeholders {CurrencySymbol} and {CurrencyCode} have been added for use with your email acknowledgements.  An Amount placeholder also needs to exist in your document template. 
 
Eg. Send Document Template using {CurrencySymbol}{LatestTransactionAmount}

 

 

Transaction and Pledges via the API

Transactions and pledges added to Donorfy via the API will be converted.

 

 

Adding transactions in multiple currencies

Adding a transaction on a timeline

The process of adding a transaction can be followed in detail here: Adding a donation to a constituents timeline

 

There are two key things to note if you’re adding donations in multiple currencies:

 

Currency field

This will automatically select your home currency. If you want to add a donation in a different currency, select that currency from this drop down list. The currency selected will apply to all allocations under this transaction.

 

Please note - in order for the currency to appear in this drop down list, you first need to add it to your list of currencies (see Currency)

 

Amount Paid and Converted Amount

If a transaction is added in a non-home currency, the amount paid you enter will be converted when you hit ‘Save Changes’.

This converted amount will appear under the amount paid in italics.

 

Please note - after a transaction has been converted, you may find the allocations no longer match the payment converted amount. This is due to rounding errors during conversion.

 

 

 

Reviewing your multi-currency data

Lists

The following list types have columns to view your multi-currency data:

• All transactions
• Transactions – Payments
• Transactions – Allocations
• RPI List
• Soft Credit List
• Pledge List

 

Filters and Columns for your multi-currency data

• Currency – The original (source) currency code for your transaction
• Conversion Exchange Rate – The exchange rate used when your transaction was converted
• Conversion Status:
  • Pending – Conversion not completed
  • Converted – Conversion completed
  • NoExchangeRate = There is a problem with finding an exchange rate for the given payment date/currency combination
  • Error - An error has occurred and conversion will re-try
  • PermanentFailure – Error has occurred 10 times and so the transaction will not be converted
• Converted Allocation Amount – Allocation amount converted into home currency
• Converted Currency – Currency the transaction has been converted into (home currency)
• Converted Payment Amount – Payment amount converted into home currency
• Converted Processing Costs Amount – Processing costs converted into home currency
• Converted Soft Credit Amount - Soft credit amount converted into home currency
• Conversion Currency – Currency the pledge is converted into
• Converted Forecast Amount – Forecast amount converted into home currency
• Converted Pledge Amount – Pledge amount converted into home currency

 

List types and their columns

Transactions Lists (all, payments, allocations:

• Converted Allocation Amount
• Converted Payment Amount
• Converted Processing Costs Amount
• Conversion Exchange Rate
• Conversion Currency
• Conversion Status

 

RPI Lists:

• Converted Amount
• Conversion Currency
• Conversion Exchange Rate
• Conversion Status

 

Soft Credit Lists:

• Converted Allocation Amount
• Converted Payment Amount
• Converted Processing Costs Amount
• Conversion Status
• Conversion Exchange Rate
• Conversion Currency
• Converted Soft Credit Amount

 

Pledge Lists:

• Converted Pledge Amount
• Converted Ask Amount
• Converted Forecast Amount
• Conversion Status
• Conversion Exchange Rate
• Conversion Currenncy

 

The following columns are connected to currency conversion on Facebook files only:

• Is currency converted
• Source Currency
• Source Amount
• Conversion Rate
  
  

Multi-currency & Forms

Your supporters can donate to your charity via a Donorfy Form in multiple currencies.

Each Form that processes a transaction or RPI has an assigned currency.

If you would like to take donations in another currency, you will need a new Form specifically for that currency and assign the currency of your choice to that Form.

 

 

Membership Forms are different, as they are currently only able to use your home currency.

 

Form analytics show data in your home currency only.

If your Form is taking donations in a currency other than your home currency, Form analytics will show any amounts in home currency so they will be incorrect currently.