With Curve, you can report to your artists or composers in differing currencies. This will allow you to upload sales & income in multiple currencies, setting exchange rates for conversion into each currency, before setting any exchange rates missing at the point of calculation. This will ensure that $1 in reports out as $1 & is not subject to multiple conversions before royalty calculation.
CONFIGURING YOUR CLIENT
To utilise multicurrency, head into your Settings > General area. On the configuration tab, you have options to set up to three extra currencies in addition to your home currency.
After setting your extra currencies, these will now become available within your contracts. Set the currency on a contract on the Contract Overview tab.
Once a currency has been set, all transactions & any unit rates in the contract terms will be in this currency, whilst any sales or PPDs will be converted into the currency. Make sure you consider this if changing any pre-existing contracts to a new currency. When a client opts to be paid in a different currency moving forward, it may be best practice to make the original Contract inactive and set up a new Contract entirely for this client in their new preferred currency.
In your Template, you can specify the Currency in the Standard Field. When one statement is made out of multiple currencies, you can pick up the currency in the correct statement column using the Original Currency field. The actual Exchange Rates can be set when uploading a sales file.
SALES FILES UPLOAD
When uploading sales, on the pre-ingest page you will set exchange rates to convert currencies into your Home Currency & the other currencies you have stipulated in Settings. Any currencies that match your Home Currency will automatically have an exchange rate of 1 set in the ingestion process.
If you miss any exchange rates at this stage they will be included in the Mapping Manager, ensuring that each currency is at least converted to your Home Currency.
Any exchange rates you’ve set previously will be maintained, but any new files that you upload will need their exchange rates entering in the new panel.
RUNNING YOUR CALCULATION
Finally, when running a calculation you can set any final exchange rates. These will be used should there be any rates not set at the point of ingestion & crucially these are the rates used to convert from your Home Currency into each contract’s specific currency.
These are automatically loaded for converting your Home Currency into your specific currency, at the current exchange rate at the point of Period creation. You can update these at any time.