New Feature: Multi-Currency

Release date: November 16, 2024

A key benefit of media planning software is the ability to communicate and track the costs of media plans throughout all interactions with clients and media vendors.

MediaPlanHQ always provided tools to efficiently communicate the costs with your clients using media authorizations and the media vendors using media insertion orders.

But, all the tools were in a single currency.

With this release, you can now create additional currencies in your account and interact with your clients and media vendors in different currencies.

Let's have a look at how it works...

Existing users: The feature is opt-in. All multi-currency features are hidden except for the currency widget in the header when your account only has one currency.

Account primary currency

Your account has already been set to use a primary currency. This should typically be the currency you use the most in your media plans. 

The primary currency becomes the default currency and the basis for any needed currency exchange.

Existing users: Nothing more is needed if you only support a single currency in your media planning activities.

Currency widget

The new currency widget in the header shows the currency currently displayed. 

Click on the "currency widget" to quickly access your account currency information.

At first, it shows that your account only supports one currency.

Note that only administrators will see the "Add a currency" or "Go to Administration > Cost settings" quick links.

Adding currencies

Click the "Add a currency" button to add a new currency. This will display the "Create currency" form:

Fill in the required information for the new currency including the exchange rate to convert your new currency into the primary currency. 

Click on the currency widget again to show that you now support multiple currencies.

  

In the example above, the primary currency is the US Dollar. At the same time, your account supports other currencies, including the Canadian Dollar and European Union Euro, with their corresponding exchange rates to the US Dollar.

Updating account cost settings

Your account keeps records of cost settings, including the primary currency and the exchange rate, to convert all secondary currencies into the primary currency. It is your responsibility to update the exchange rates to fit your needs.

Click the "Edit" button of your Account cost settings in the currency widget. This will display the "Account cost settings" form.

You can change the primary currency and update the exchange rates.

Media plan primary currency

All media plans also keep records of their own cost settings, including their primary currency and relevant exchange rates. This allows the media plan to remain independent over time and constant through interactions while exchange rates fluctuate.

This prevents old media plans from being impacted by today's exchange rates and media insertions, media authorizations, and media insertion orders within the same media plan to use different exchange rates.

You must now set the primary currency of the media plan in the "Media plan form" when creating or updating a media plan in an account that supports multiple currencies.

The media plan primary currency can be different than the account's primary currency to fit your needs.

You can view the media plan's primary currency in the cost details tab and the media plan cost settings by hovering over the currency.

Notice that the media plan cost settings do not yet have any exchange rates. As mentioned, exchange rates are added to the media plan as you add media insertions, media authorizations, or media insertion orders using a currency other than the media plan's primary currency.

Defining currency in media insertions

You must now set the currency used by the media insertion in the "Media insertion form" when creating or updating a media insertion in an account that supports multiple currencies.

The currency of the media insertion should match the currency in which your media vendor will invoice you for the media insertion order.

For this example, we'll create 2 media insertions with costs in different currencies than the media plan's primary currency:

• A media insertion for 1000$ CAD (Canadian Dollar)
• A media insertion for 1000$ EUR (European Union Euro)

Since we've created media insertions in a different currency than the media plan primary currency, the system will add the exchange rates to the media plan cost settings using the account cost settings as defaults.

In the Media plan cost settings section, click the "Edit" button to display the "Media plan cost settings" form.

You can update the exchange rates used by the media plan independently of the exchange rates used by the account.

For the FY 2025 media plan, we'll use the following exchange rates:

• 1 CAD = 0.7100 USD
• 1 EUR = 1.0500 USD

Now, when listing the media insertions, you'll notice that the costs are automatically converted to the display currency. 

Thus, the 2 media insertions display the following costs:

• 710$ USD (1000 CAD x 0.7100 [CAD->USD])
• 1050$ USD (1000 EUR x 1.0500 [EUR->USD])

You can use the currency widget to change the display currency. 

When using the Canadian Dollar, the 2 media insertions display the following costs:

• CA$ 1000 (No conversion)
• CA$ 1478,87 (1000 EUR x 1.0500 [EUR->USD] = 1050 USD x 1 / 0.7100 [USD->CAD])

Note that the Media insertion details view will always display the costs in the media insertion currency without conversion.

Also, the media insertion currency cannot be changed once the media insertion is committed with your client with a media authorization or your media vendor with a media insertion order.

Defining currency in media authorizations

You must now set the currency used by the media authorization in the "Media authorization form" when creating or updating a media authorization in an account that supports multiple currencies.

The media authorization currency should match the currency in which you invoice your client.

For example purposes, we'll set the media authorization to use the European Union Euro currency.

The media authorization details view will automatically convert the media insertion costs into the media authorization currency with the calculation details.

The 2 media insertions display the following costs:

• € 676.19 (1000 CAD x 0.7100 [CAD->USD] = 710.00 USD x 1 / 1.0500 [USD->EUR])

• € 1000.00 (No conversion)

The media authorization document will only display the converted costs without the calculation details.

Defining currency in media insertion order

You must now set the currency used by the media insertion order in the "Book form" when booking a media insertion in an account that supports multiple currencies.

The currency of the media insertion order should match the currency in which your media vendor will invoice you for the media insertion order.

For example purposes, we'll set the media insertion order to use the US Dollar currency.

The media insertion order document will only display the converted costs without the calculation details.

Deleting / Archiving currency

You can manage the cost settings from the Administration > Costs settings module.

You cannot delete a currency that is used by media plans, media insertions, media authorizations, or media insertion orders.  

Instead, we allow archiving a currency to hide it except where it is used.

For example, archiving both the Canadian Dollar and the European Union Euro will make your account behave as if it supports a single currency.

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That's it ! We hope you'll enjoy the Multi-Currency feature. 

Give it a try, and let us know what you think !

As always, don't hesitate to send us your great feedback or other ideas for new features !

Have a great day,

The MediaPlanHQ team