Commission & Settlement Currency

Description

If your company issues invoices in multiple currencies, because you sell items or services to customers in different countries, you can choose how the app will generate commissions for these documents, and the currency that will be used to pay commissions to your salespeople, depending on where each salesperson is located.

By default, the app will generate commissions using the local currency. But if your company is located in the US, and you have a salesperson located in Canada, you can specify that commissions for that salesperson should be calculated in Canadian dollars.

Salesperson Currency

You can configure the currency that will be used to pay commissions to each salesperson in their card, using the field Settlement Currency Code. By default, iDynamics Commissions will calculate and settle commissions using the local currency.

Note that, once you change the currency assigned to a salesperson, you can use the update commissions/stats action, to recalculate existing commissions in the new currency.

Exchange Rates

Assigning a specific currency to a salesperson will not just affect the amounts shown to them in reports, but also the final amount paid, in local currency, to them.

As an example, let's imagine that your company is in the US, and you have a salesperson in the UK.:

At the beginning of the month, an invoice is posted for a British customer, with a sales amount of £1000, and the salesperson receives a 10% commission. This is a commission of £100, which is $122 at the date the invoice was posted (£1 = $1.22).

If you pay commissions in local currency, you will always pay a commission of $122.

If you pay commissions in pounds to that salesperson, you will pay a commission of £100, and the actual amount in dollars will depend on the exchange rate of the day that the commission is paid.

iDynamics Commissions will keep track of this differences (a detailed commission entry will be generated with the exchange rate difference), so that you can get reports on the amounts won/lost due to the fluctuation of exchange rates.

Sales Targets

Currently sales targets will always generate commissions in local currency. An update to support setting (and paying) target commissions in different currencies will be available later this year.