Currency Conversion

Your account currency assigned at setup is used across IC for payee summaries, statements, currency conversions and general reporting. It should match the currency your organization uses for internal accounting and bookkeeping. Any time you import data with transactions in currencies different than your account currency, the transactions must be converted before they can be accounted for in the system.

By default, our system automatically converts currencies in your data at import. We use the Paid Timestamp of transactions to look up the exchange rates for that date via the European Central Bank, and apply those rates to convert the transactions from their original reported currency to your IC account's set default currency.

However - if data is imported with a Paid Timestamp landing some time in the future, the transactions must manually be assigned a currency conversion rate before they can be accounted for within IC. Currencies can be converted and updated within IC by following the processes below.

Convert Currencies from the Transactions page:

Currencies can be converted from the Transactions page (Royalties -> Transactions) in your account. From here, select Actions -> Convert Currencies to use the Convert Currencies tool. By default, this option will update transactions without conversion rates to your account currency, according to rates specified by the European Central Bank and the transactions' Paid Timestamp. Uncheck the Assign conversion rates automatically box if you would like to manually convert a selected currency to a specific conversion rate.

This Convert Currencies action will affect all of the transactions you are currently viewing. Narrow down the transaction view using Filters as outlined above in order to include only the transactions you would like to apply the Action to.

Update Currency Conversions for an Import:

Currency Conversions can also be updated for an import itself from the import landing page. First, navigate to Royalties -> Data Imports and select the import you would like to update currency conversions for. From the top of the page, select the Update Currency Conversions button and enter the total amount you were paid in your account's currency for this data import. This will update currency conversions across all foreign currency transactions so that the total matches your payout for this report.

To manually assign conversion rates to a currency within an import:

First, navigate to Royalties -> Data Imports and select the import you would like to update currency conversions for. Click the Transactions button in the black navigation bar to the right of the import name, and select Actions -> Update Currencies. By unchecking the Assign conversion rates automatically option, you will be given the option to isolate a single currency and manually apply your own conversion rate to transactions reported in that currency, based on the converted total of the payout you received.