Mastering Currency Settings in ServiceNow: Enable, Disable, Update, Set Default Currency Types, etc.

[Community Alums]

Hello Community,

While working on a client project, I learned a few things and wanted to share them with you all. The client's requirement was to enable multiple currencies on the platform because they wanted to manage their purchase orders and licenses in various currencies in SAM. For example, someone from Australia would buy assets in Australian dollars, while someone from India would buy assets in Indian Rupees.

In this article, you will learn about the following points:

1. How to enable multiple currencies for the Currency Type field.
2. How to disable multiple currencies and show only one currency for the Currency Type field.
3. How to set the default currency for the Currency Type field.
4. How to add/activate a new currency in the Currency Type field while multiple currencies are enabled.
5. How to set up currency Symbols

6. All System Localization Properties

7. Know about Currency Conversion
8. Best Practices for Managing Multiple Currencies in ServiceNow

Before jumping into the topic, let's understand what is Currency and Locale.

Currency

A currency field represents an actual spend, that is, a discrete quantity of money spent at a particular point in time. ServiceNow keeps track of the currency that was actually spent, and the time it was spent. Currency should be used to describe the money spent.

Locales 

There are two settings related to locale: 

1. System locale 
   The system locale is configured using the glide.system.locale property and is formatted as Language.Country, where the  Language is an ISO 639 language code and Country is an ISO 3166 country code. This value is made use of internally as specified by Java and must be within the list of locales supported by Java. It should be set while setting up zboot in the starting phase because reference currency values in currency fields are based on the currency implied by the system locale.
2. User locale 
   The user locale is determined by the following criteria, in descending order of precedence:
   1. Test locale set using glide.system.locale.test (used by SN Technical Support).
   2. User record where both country and language are specified.
   3. System locale configured via glide.system.locale.
   4. Browser locale.
   
   

1. How to enable multiple currencies for the Currency Type field.
   Multiple-currency, which is the base system setting, is the recommended mode.
   
   If multiple currencies aren't enabled on the instance already, please follow the following steps to enable it:
   A. Navigate to "System Properties > System Localization"
   B. Set the property "Use a single currency model. Display all currencies in the same currency code, regardless of a user's locale, country, or language code = false" as shown in the below snapshot.
   
   
2. How to disable multiple currencies and show only one currency for the Currency Type field.
   
   
   
   A. Navigate to "System Properties > System Localization"
   B. Set the property "Use a single currency model. Display all currencies in the same currency code, regardless of a user's locale, country, or language code = true" as shown in the below snapshot.
   
   
   
   
3. How to set the default currency for the Currency Type field.
   
   
   A. Navigate to "System Properties > System Localization"
   B. Set the value of the following 2 properties as shown in the below snapshot.
   This determines the system's default currency into which all prices are automatically converted before other sums or conversions are performed.
   NOTE: Do not change this value once a system has gone into production. If a user's locale must be changed, update the "Country code" field on the user record.
   
   
   
   
   
   
4. How to add/activate a new currency in the Currency Type field while multiple currencies are enabled.
   
   By default, the service platform provides multiple currencies. But OOTB only a few of them will be active. If you want to add a new currency to the dropdown please follow these steps:
   A. Navigate to the Currencies[fx_currency] table. Notice the active currencies by adding a filter on the Active column. 
   
   If the currency which you want to add is not already activated just set Active = true. For example, I want to activate Indian Rupee. 
   
   
   
5. How to set up currency Symbols
   

   Each currency has a unique symbol (e.g., $, €, ¥) that can be displayed alongside the currency value. To set up currency symbols in ServiceNow:

   1. Navigate to the Currencies[fx_currency] Table and edit currency details.
   2. Add or Update Currency Symbols: In this table, you can set the appropriate symbol for each currency. Ensure that symbols are accurate and recognizable to users in different locales.
   
   

6. All System Localization Properties
   
   

7. Know about Currency Conversion
   1. Currency values may be converted to other currencies when stored and accessed.
   2. The currency value is converted to reference currency when stored, whether on insert or update.
   3. This means the reference currency value is saved as well as the currency value.
   4. The currency value is converted to the user's session currency for display.
   5. The value entered for a filter from the currency specified in the filter is converted to the reference currency.
      
      
8. Best Practices for Managing Multiple Currencies in ServiceNow
   1. Enable Only Necessary Currencies: Activate only the currencies you need to reduce complexity and avoid unnecessary system load
   2. Regularly Update Conversion Rates: Ensure that currency conversion rates are updated frequently to reflect the latest market conditions.
   3. Set a Clear Default Currency: Establish a default currency for consistency in reporting and transactions.
   4. Restrict Access to Currency Settings: Limit permissions to modify currency settings to authorized personnel to prevent accidental changes.
   5. Configure User Locale Settings: Ensure users' locale settings match their currency requirements for accurate data entry and display.
   6. Document Currency Policies: Clearly document your organization's policies on currency management, including how and when changes should be made.
   7. Test Currency Changes: Before implementing changes, test them in a non-production environment to avoid disrupting business processes.

To learn more about ServiceNow currency, please refer to:

• Standard currency fields
• How to use different currencies on a ServiceNow instance
• Currency Administration
• Currency Changes from USD to EUR when Converting Demand to Project (locally reproduced only)

If you found this helpful, a 'like' is the secret handshake of appreciation!

[Andreas Reuter]

Hi!

Thank you very much for your article, it is really very helpful! However, I still have a problem with the conversion from USD to CHF in the cost plans. The system has the correct exchange rate, but there is no conversion. For example, it shows me 100 USD as 100 CHF. CHF is our system currency. However, if I enter the cost plan in EUR, it is correctly converted to CHF according to the exchange rate.

Which setting controls the conversion in servicenow, where else do I have to or can I look? Thx so much for your help!

Best regards

Andreas

[Krushp]

SAM workspace renewal calendar total cost display USD currency

I am working on a SAM workspace renewal calendar where I do see the contracts and entitlements in the calendar but the total cost (metrics) value is showing $ value in USD currency for the contracts which has total cost in CAD currency.

I would to configure it to show the value based on the currency selected in the contract record. Any help would be appreciated. Thank you

@Community Alums @Andreas Reuter 

[ChuanYanF]

Hi, 

Thank you for sharing in how to deal with the currencies issues, but for my case I am gonna use only one currency and already changed in the system localization setting as per your instructions above but my overview tab here still shows the currency in USD as the picture below. What can I do to make it shows as MYR currency? I have deactivated the USD field currency as well. Please help thank you.