Currency is a field type available on all editable Vault objects. With currency fields, you can track accruals, payments, and check requests in Vault. You can also create objects that track contract terms like fixed fees, variable fees, and amount per subject.
Throughout the Vault UI, values in currency fields display with the appropriate formatting for the user’s locale.
Note: Currency fields are not available on documents.
Supporting Data Model
The following items support Currency field types:
Currency Object
The Currency (currency__sys) object allows an organization to support multiple currencies, for example, US dollars (USD), Japanese yen (JPY), and Euros (EUR). Each record for the Currency object represents a supported currency. In addition to these records, Vault includes a system-managed, non-editable Corporate Currency record.
Abbreviation Picklist
The Abbreviation picklist holds all ISO 4217 Currency Codes currently recognized by the ISO (International Organization for Standardization). This picklist is system-managed. You can activate or inactivate a value in this picklist, but you cannot create or delete values.
Multi-Currency Vaults
For each Currency-type field in an object, Vault automatically creates a second “corporate currency” field. The second field holds a value calculated based on the local currency rate.
Note: If your Vault does not use multiple currencies, you can ignore these fields, but you cannot delete or inactivate them.
User Preferred Currency
Through the User object, you can set a Preferred Currency (preferred_currency__sys) for each individual user. Once your Vault has a Corporate Currency configured, Vault will automatically default Preferred Currency on any new User records to match. You can update the field as needed. However, the Preferred Currency field on existing User records does not get updated automatically when Corporate Currency is configured. To set a Preferred Currency for existing users, you will need to update the User records.
Local Currency Field
The first time that an Admin creates a currency field on a specific object, Vault automatically adds the Local Currency (local_currency__sys) field to that object. When users create or update object records, they can choose to apply a specific currency to the currency fields on the record. If they do not make a selection, Vault automatically applies the user’s Preferred Currency (preferred_currency__sys) setting as described above. If the user’s setting is blank, Vault automatically applies the specific Vault’s Corporate Currency, as described below.
Corporate Field Auto-Naming
When naming a corporate currency field, Vault appends _corp before the field name suffix. Corporate currency fields always use the __sys suffix.
For example, when an Admin creates the amount__c field, Vault automatically creates a corresponding field called amount_corp__sys.
Populating Corporate Currency Fields
Vault automatically calculates corporate currency fields using the rate assigned to the currency record selected as Local Currency (local_currency__sys). Users cannot directly edit corporate currency field values.
Vault populates the related corporate currency field whenever you populate a local currency field or edit the field value, but does not update corporate currency field values when:
- Administrators change the Corporate Currency setting for the Vault.
- Administrators update the Rate setting for the local currency used by a record.
Other Details
- Vault does not automatically add corporate currency fields to the object page layout.
- Making a corporate currency field Inactive will also set the related primary field to Inactive.
- Making a primary currency field Inactive will also set the related corporate field to Inactive.
Corporate Currency Setting
The Corporate Currency setting allows your organization to configure a single currency for conversion across all records that use other local currencies. The Corporate Currency setting normalizes values for roll-up across currencies and supports various reporting functionality.
How to Set the Corporate Currency
By default, your Vault’s corporate currency is set to US dollars. To set up a corporate currency:
- Locate the Currency record that you wish to use as your corporate currency. Edit the record and set the Rate field to “1.000000”.
- For each of your other Currency records, update the Rate field for the exchange rate from corporate currency to local currency, for example, “0.860000”.
- Navigate to Admin > Settings > General Settings and set the Corporate Currency. Only Currency records where the Rate field is set to “1.000000” are available for selection.
Note: Updating the Corporate Currency setting does not update calculated values in corporate currency fields (see Populating Corporate Currency Fields above).
Reporting on Currency Values
When creating reports on objects that include currency fields, keep the following in mind:
- Corporate currency fields support filtering, grouping, and sorting, as well as summary calculations.
- Local currency fields (AKA primary currency fields) only support sorting and summary calculations if the report includes a filter on Local Currency, or if the report results are grouped by Local Currency. Filtering is only available on local currency fields if the report also filters on Local Currency.
- Vault displays both local and corporate currency fields with two decimal places and the currency symbol in report views and on dashboards.
About Negative Currency Values
Negative values in currency fields appear inside parentheses in Vault. For example, if the value in a currency field is -10,000 USD, the currency field value appears as (USD10,000). Users can still enter negative values using the minus (-) sign.