# Setting Up Currency Fields 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.
## 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_][1] 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.
### User Preferred Currency {#preferred} 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 {#local} 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` to custom fields before the field name suffix. Vault appends `_corpv` to standard fields before the field name suffix. Corporate currency fields always use the `__sys` suffix. For example, when an Admin creates the `amount__c` custom field, Vault automatically creates a corresponding field called `amount_corp__sys`. ### Populating Corporate Currency Fields {#pop_corporate} 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 {#corporate} 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][2]. ### How to Set the Corporate Currency By default, your Vault's corporate currency is set to US dollars. To set up a corporate currency: 1. Locate the _Currency_ record that you wish to use as your corporate currency. Edit the record and set the _Rate_ field to "1.000000". 2. 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". 3. 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.
## Reporting on Currency Values {#reporting} 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 Depending on a user's _Locale_, negative values in currency fields may appear inside parentheses in Vault or with a minus sign (**-**). 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. [1]: #corporate [2]: #reporting