Overview

Managing contracts can be challenging when dealing with vendors from different countries, especially if the contracts involve different currencies. On the one hand, you may need to consolidate the contracts into a single currency for accounting purposes. On the other hand, it's important to retain the original currency to facilitate communication with your vendors.
This article will guide you on managing contracts with multiple currencies in Torii.

When adding a new contract to Torii, the currency is displayed on the Contracts tab.

The currency displayed is pulled from the selected currency configured in Torii's Settings page. 

However, what about contracts that were signed with a different currency?
How can you see them? How does Torii read them?

Working with different contract currencies

Torii enables you not to lose sight of the original contract you signed, along with calculating it with the currency your company work with.
When uploading a contract, go to the Contract currency dropdown and select the currency used when signing the contract.  

In the Contract value field, enter the contract cost as it appears in the contract with the original currency.

Once Torii recognizes the different currency, it will display any contract currency field in the "Contract value" column in two different numbers 

• The top one will show the converted value according to the currency configured in Torii's "Settings," and displays the cost after conversion.
• The second is brought directly from the contract with the original cost and currency

Note that the converted cost will be the one displayed on the application's main page.

What is the conversion rate?

The conversion rate is calculated according to the "start date" you entered when uploading the contract.
If there is no start date, Torii will use the contract creation date.
If the start date of the contract is in the future, Torii will use the contract creation date until the start date arrives and then update it according to the start date.

Please note that whenever editing a contract with a different currency, make sure to enter the ORIGINAL cost in the "Contract Value" field. Torii will make the conversion for you.

Trigger a "contract meets criteria" workflow

Filtering currency fields in the workflow trigger will be applied to converted values.

Contract currency as personalization tokens

Using currency fields as personalization tokens will result in showing the converted value and original value (in parenthesis) in the message.

Manage contracts via CSV uploads.

• When exporting contracts, all exported currency fields will show original values based on the contract currency. 
  Converted currency values will be exported to a separate column as a read-only column.
• When importing new contracts, use the Contract Currency column to set your contract currency. 
  When left empty, Torii will set your display currency as the contract currency.
• When editing existing contracts, update the contract currency using the Contract Currency column.
  If the contract currency is not set, Torii will keep the existing contract currency.

Manage contracts via the public API

• A new Currency field was added to the GET endpoint.  Adding it to the request will enable fetching the Contract currency.
• New contracts will be created with the org Display (settings) currency as their Contract currency.
• Updating existing contracts currency fields will use their existing Contract currency.
• No support yet for setting the contract currency via the API