How Currencies are Created

You create currencies that can be used throughout Incent by creating a currency
unit type. Once a currency has been defined as a unit type, you can specify how it is
applied, for example, as a base currency or target currency.

For a summary of everywhere currencies are used in the application, see the table in
Where Currencies are Applied.

Creating a Currency Unit Type

Once a currency unit type is created, the currency will show up in drop-down
menus relevant to currency throughout the application.

You can create a currency unit type by doing the following:

1. Click Setup > TypeCodes > UnitType.
You can see all existing unit types listed in the Results Pane area of the unit
type screen. When you add a new unit type and save it, it will appear in this
list.

2. The unit type name and display symbol that you create for a currency unit
type can easily be the same thing, such as USD or GPB.

3. The group you select is CURRENCY.

4. The number format can be English (United States, Canada, or United Kingdom),
French (Canada or France), German, Italian, or Chinese (Taiwan).

Creating an Exchange Rate

You set up exchange rates between currencies so that payments can be converted
into a user’s payment currency. You can use the Get Exchange Rate system
function in any rule to convert the value to another currency. You can also
define the currency value in the results of the rule.

The exchange rate itself is a number that shows the equivalent value of one currency
for another. In Incent, the exchange rate is established between the base
currency and the target currency, which can be anything.

For example, if our base currency is USD (US Dollar) and our target currency is EUR
(EURO), the exchange rate represents what one EURO is equal to in US dollars.

If both currencies will be used, you must define both exchange rates, one for USDto-EUR
and one for EUR-to-USD.

Create each exchange rate by doing the following:

1. Click Setup > Exchange Rates > New.

2. Enter a base currency and the target currency.

When you are defining the exchange rate for USD, US will be the base currency
and EUR will be the target currency.

When you are defining the exchange rate for EUR, EUR will be the base currency
and USD will be the target currency.

3. Enter a number representing the exchange rate.

4. Enter an active start date and active end date.

5. Click Save.