Currency Conversions
Tender Request functionality is designed to be utilized by clients with Collaborati Spend Management (CSM) 4.0 Update 4 and later. Collaborati Spend Management users prior to version 4.0 Update 4 (4.0.4) can examine the CSM 4.0 Update 4 release notes found here for more detail.
Users are able to set-up currency conversions for tender requests in TeamConnect. These changes will be reflected in Collaborati, providing vendors with the ability to view tenders in their native currency as well as a set currency conversion.
Setting up Currency Conversion
- Click the Setup link in the upper-right corner of TeamConnect.
- From the Go to... dropdown menu, select Lookup Tables.
- Click the Multi-currency tab.
- Select the desired currency and click Edit.
- Adjust the exchange rate to the most recent value and click Ok.
Assigning a New Currency to a Vendor
Users must create a new custom field for currencies to map to their vendors. See Creating Custom Fields for more information.
- Navigate to the Custom Fields tab of your object from the Setup menu. (Setup -> Go to... -> Object Definitions -> [Select Object] -> Custom Fields)
- Create a new Custom Field with the label identical to the desired currency code, leaving the Field Type as Text. See image below for further details.
Custom Object for Currency Mapping - Save and Close setup.
- Navigate to the CSM Settings link under the CSM tab.
- In the Tenders view of CSM Settings, click the Enable tender requests by matter currency checkbox.
- Click the checkbox next to your Custom Object to enable currency settings. Select the Custom Field you created with the set currency code.
Enabling Currency Conversions in TeamConnect - Click Save and Close to update CSM Settings.
- Sync with Collaborati.
The associated vendor will now be able to view tenders in their selected currency as well as the standard set currency. Currency exchange rates do not update automatically and require manual update to reflect the most recent conversion rates.
Note: Users will not be able to send a tender request to vendors if Tender Requests exist for the vendor and matter that are not in a cancelled state or the currency or exchange rate does not match the existing tender request's rate.