Create an organizational hierarchy

Currency Conversion Settings Best Practices

• Currency Conversion Settings for the Parent Org Unit or the root organization should be configured and saved before setting up the same for any child Org Unit.

• Setting up Currency Conversion for the Child Org Unit(s) before the Parent Org Unit will result in an error.

• Using the Org switcher or the Company field in the Manage currency Conversion screen, Finance Admins can switch to the appropriate Child Org Unit, to make changes and save currency conversion settings for the specific Child Org Unit. The changes will only apply to the Child Org Unit that was selected from the Org Switcher.

• The Reporting Currency and the Functional, also known as the Home Currency, are configured while setting up the tenant and Org Units in the Org Hierarchy Management respectively and cannot be updated from the Manage Currency Conversion Settings page

• The remaining settings such as the exchange rate provider, exchange rate date, and rounding mode can be set for the Parent Org Unit, and will automatically be inherited by the Child Org Units

To manage currency conversion for an organizational unit 

1. Click your username at the top right and navigate to Finance Settings > Manage Currency Conversion.
2. Follow the steps mentioned in Configure Foreign Currency Conversion 

Points to remember for currency conversion in Multi-org setup

• Reports such as invoice records, journal runs, and trial balance runs will display the amounts in both the reporting currency and functional currency.

• You can use Multi-org API’s GET and POST method operations with appropriate ring-fencing (org unit segmentation)  around all the operations highlighted above

To create an org hierarchy

1. Click your username at the top right and navigate to Administration > Organization Hierarchy Management
2. In the Basic Information section, click Edit on the top right and specify the following information in the Edit Basic Information pop-up:
   1. Name: Specify the name of the Company or the Org. hierarchy
   2. Description: Add a suitable description for the organization's hierarchy.
3. Click Save

To add the root org unit 

1. Navigate to the Hierarchy section in the Edit Organization Information pop-up, and specify the following information:
   • Name:  Specify a name for your organization’s hierarchy 
   • Invoice Display Details: Add invoicing information such as Org Unit location, Billing Address, Banking Information (routing number), Taxation ID, or any other helpful information for dynamic invoice generation for the new org unit. 
   • Reporting currency: The reporting currency is a tenant-level setting that is defined at the time of your account creation. This is a read-only, non-editable field.
   • Description: Specify customized marketing messages or any other information for dynamic invoice generation for the new org unit. 

2. Click Save.

To edit the root org details

1. Navigate to Administration > Organization Hierarchy Management
2. Click on the ellipsis icon next to the root organization's name and select Edit.
3. Make the required changes and click Save

To add a child org unit 

1. Click your username at the top right and navigate to Administration > Organization Hierarchy Management
2. In the Hierarchy section, navigate to the root org to add a child org. Click the ellipsis icon and select Add.
3. In the Add Organization popup, specify the following information to add a child org unit:
   1. Name: Specify the name of the child org unit.
   2. Invoice Display Name: Specify a name for the invoice
   3. Invoice Details: Specify the child org’s location details to be displayed on the invoice.
   4. Functional Currency: Select the functional currency of the child org unit from the dropdown. 
   5. Reporting Currency: The reporting currency is a non-editable, read-only field inherited from the root org. of the hierarchy.
   6. Description: Add a description or message to be displayed in the invoice

4. Click Add

To edit the child org details

1. Click your username at the top right and navigate to Administration > Organization Hierarchy Management
2. In the Hierarchy section, navigate to the child org. to which you wish to make changes. Click the ellipsis icon and select Edit.
3. Make the required changes and click Save