How does Sumac track donations received in multiple currencies?

            If you receive donations in multiple currencies from international donors, Sumac is able to capture the amount they gave, and the original currency used for the amount they gave.

            You can indicate conversion rates for each different currency you accept so that Sumac can calculate the amount you received in the currency you use. For example, if you work in USD and track money in USD, but get a donation from an international donor in EUR, you can record the amount donated in EUR, and Sumac can calculate the amount received in USD.

            Before you can use this capability, you should configure two customization options in your database:
            1) Define Currencies: Log into Sumac as an Administrator. From the main Sumac console, click Utilities > Customize Database > Lookup Lists. Choose the Area: Donations, then choose the Lookup List: Currencies. Click New to define a currency, and its conversion factor. Continue these steps for each different currency that your donors might use when making donations to your organization.
            2) Activate the Original Currency Field: Log into Sumac as an Administrator. From the main Sumac console, click Utilities > Customize Database > Field Preferences. Under Fundraising, click "Donation," and next to "Original Currency," ensure there is no "X" in the Hide option. You might also want to rename this field to something other than "Original Currency" (for example, perhaps "Currency donor used" is more meaningful to you than "Original Currency), or you may want to make this field Mandatory if you frequently receive donations in multiple currencies. Click OK to save these changes.

            Once you've made those adjustments, restart Sumac for these changes to take effect!

            Updated: 27 Dec 2018 05:50 AM
            Helpful?  
            Help us to make this article better
            0 0