Does RevRec support multicurrency? How to enable it?

Scope

I do not see an option to enable multicurrency in RevRec.

How does the Multi-Currency feature work in RevRec?

I am unable to see changes in RevRec due to a gain or loss incurred due to foreign currency exchange rate differences between the invoice date and payment date

Translation of Foreign Currency to Home Currency in RevRec

Summary

The multi-currency feature in RevRec helps you consolidate various foreign currencies to view metrics in your home currency. RevRec currently uses ECB Exchange Rates, Fixer, and Open Exchange Rates - widely used foreign exchange data sources.

Contact your account executive, implementation team specialist, or support to have the multi-currency feature enabled on your RevRec site.

Expenses for multi-currency transactions need to be in the home currency. Currency translations for expenses in multi-currency are not currently supported.

Solution

For orders transacted in foreign currency, RevRec will translate the revenue recognition-related metrics (i.e. deferred revenue, revenue, etc) to the home currency amount based on the foreign exchange rate as of the transaction date (contract date or invoice date). All reports and accounting journal entries related to revenue, e.g. unearned revenue roll-forward, and journal entry report, will be reported in the home currency.

Non-revenue-related foreign currency change impacts are not handled by the RevRec multi-currency feature. For example, a gain or loss incurred due to foreign currency exchange rate differences between invoice date and payment date; or the month-end re-measurement of monetary asset and liability. Ensure that you handle these directly within your accounting system

Once you reach out to your account executive or support and have the multi-currency feature enabled on your RevRec site. Click here to know the steps to configure.