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Currencies

How a grant round, a contract and a payment batch hold their currency, where the codes show, and why amounts in two currencies are never added together.

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Every amount in Backed is in a currency. Most organisations use one, their own, and never need to think about it. If you fund work in more than one country, each grant round, contract and payment batch can hold its own currency. Nothing is ever converted: an amount is shown, totalled and paid in the currency it was entered in. Funding Round, Application and Contract are your organisation's own terms if you've renamed them.

Where the currency is set

Each Currency field lists your organisation's currency first and chooses it for you.

  • A grant round: on the round's Funding Type step. The round's applications, decisions and contracts take its currency. Once an application to the round has been submitted, the currency is fixed and the field says "This grant's currency cannot be changed: an application to it has already been submitted."
  • A contract: on the contract's Funding step. A contract takes its round's currency, and you can change it until the contract is sent. After that the field says "This contract's currency cannot be changed once the contract has been sent."
  • A payment batch: when you create it, under Title and description. A batch's currency never changes, and every payment in it must be in that currency.

How amounts are shown

Amounts show the currency's code and its own number of decimal places: NZD 1,250.00, but JPY 12,500, because the yen has no cents. You see this in the applications list, the decision register, the contracts list and a contract's page, the milestones list and the payment batches list.

Totals in more than one currency

When a list holds amounts in more than one currency, its totals have one line per currency, such as AUD 4,000.00 and then NZD 2,500.00. They are never added together into one figure, because there is no exchange rate to add them with.

When a payment is refused

A batch holds payments in its own currency only. A payment in another currency is refused with "A payment in another currency cannot be added to this batch. A batch holds payments in its own currency only." Create a batch in that currency and add the payment there. See Building a payment batch.

See also

This page uses Backed's default terms, such as Funding Round and Application Template. An organisation may rename them, so read each as your organisation's own term if you've renamed it.