How To Convert Currencies In Supercede
Every subsection in Supercede can be denominated in its own currency, which gives you greater flexibility in uploading and displaying your data. However, when combining subsections, we must ensure they are in one currency.
The Pack Currency Settings allow you to convert all subsections into one currency. The information below documents how this feature works for various use cases.
Two Consisten Currencies
In this case a pack contains two different currencies which are consistent across pack years. Follow the steps below to set your currency conversion for this case.
1. Accessing Packs
Open the Supercede Homepage and click on the Packs widget to access your Pack List.
Select the pack you would like to work in and select Currencies on the righthand side.
2. Setting Base Currency
The Base Currency is the currency to which all subsections are converted. The dropdown contains all unique currency codes used in your pack.
3. Specifying FX Rate
You need to specify the FX rates for each unique currency. For example, if you pick USD as the pack’s currency, you must specify the FX rate to convert to USD if you have GBP and EUR.
Your subsections will be converted into the pack currency before being assigned a banding in your limit profile.
4. Current / Historic Pack Currencies
The currencies are separated into two sections: Current pack currencies and Historic pack currencies. As a minimum you must specify the FX rates for your current pack. Ignoring the historic pack currencies' FX rates results in no comparisons being generated. Once a base currency has been selected, an FX rate must be specified for each current pack currency.
One Currency
In this case a pack contains only one currency. The base currency will default to the currency in your data, no further actions are required.
Two Inconsistent Currencies
In this case a pack contains two different currencies which are not consistent across pack years, so the expiring pack contains different currencies compared to the renewal pack.
The Currency Settings page displays these currencies under Additional Currencies in Your Pack.
To be able to generate Year on Year comparisons between packs, set the FX rate for the currencies which need to be converted.