Hi All,
I'm been scratching my head on this for the last few weeks so hopefully you can help me out. I'm looking for some advice in handing multiple currencies in Tessitura.
We have fundraising activity in Ireland, US and UK so that's pledges and money received in 3 currencies.
Our Finance team would like to put the source currency amount in as the Pledge and Received values.
- So a Pledge of US$1,000 would be put in as 1000 in Tessitura.
- A Pledge of €2,000 would be put in as 2000 in Tessitura.
Then we would setup reports so that we run separate reports for US$, € and £. These reports would show a € equivalent column with the conversation rate of the report date.
I'm against this in principle because of having values in the same column in Tessitura that are different currencies. If anyone runs a report that includes everything. e.g for the 2 pledge examples above it would give a total of 3,000 with is incorrect because some if it is € and some is $.
However, the alternative would mean converting it to euro at each payment(with is OK), but then having to do a calculation to figure out the remaining based on the source currency, and then re-adjust the original pledge value each time.
Any advice?
many thanks,
Dara