You have the option to change the currency on offers/settlements in a few places in Prism. Below are options for setting defaults and event-specific currency:
Account-wide via Organization Settings
At the venue level via Venue Settings
At the event level via Event Settings
Account-wide
All new venues will be created with the Account currency by default. Templates in the account will also display in the account's default currency.
Venue level
When creating a new venue, adjust the Venue currency from the Account default if needed. All new shows booked at this venue will be created with this currency automatically.
Event level
Edit the currency on a particular Event from the Event Settings. Access Event Settings via the gear icon in the top right-hand corner of the event page.
Converting artist pay to USD
Toggle on "Convert artist pay to USD" if the show's base currency (including show expenses and ticket prices) is in a currency other than USD, but the artist needs to be paid in USD. You also have the option to "Use Custom Exchange Rates" for the offer and settlement if you've agreed to set a fixed rate.
Note: The Current Exchange Rate in Prism is dynamically retrieved from the Fixer.io API which tracks conversion rates published daily by the European Central Bank. They are updated every 4 hours.
On shows where "Convert artist pay to USD" is toggled on, artist guarantees for headliners and support, as well as flat bonuses, are entered in USD in the deal builder.
Tickets and show expenses are entered and displayed in the show's base currency. In the example above, the show expenses would be entered and displayed as GBP, but the artist guarantee would be USD.
The Event Summary on the offer and settlement will also display ticket revenue and show expenses in the show's base currency.
Payout figures are displayed side by side at the top of offer and settlement documents to show the currency conversion.
Note: When using custom exchange rates, the settlement rate will be used on Settlement docs when generated in a Confirmed, Settlement, or Settled status. The offer rate will always be reflected on Offer documents, regardless of event status.
In the Internal Settlement and Budget Summary module, the Potential and Estimated views show the offer exchange rate, and the Actual view uses the settlement exchange rate.
Adjustments
When an event's default currency is something other than USD (CAD for example) and the Artist Pay is being converted to USD, any adjustment that is added to the event will be in the currency of the event, not in USD.
In the example below, the event's currency is CAD but the artist payout is converted to USD. This is a flat deal with a $1,000 USD payout, converted to $1,344.70 CAD. The adjustment was added with an amount of 300 and is considered $300 Canadian dollars.
Local Support
There may be cases when local support needs to be paid in the show's base currency but the headliner needs to be paid in USD.
If the "Convert Artist pay to USD" toggle is on, any deal on the show will be in USD. In order to account for the support artist in the show's base currency, add the support artist and their guarantee as a fixed cost on the Costs tab.
If you'd like to display the support artist on the Deals tab for reference, just make sure to set the guarantee to zero and switch the "Include in Deal" toggle off in the deal builder.
Tours
When building out a tour, the currency settings will be inherited from the first venue added to the tour.
Tours can currently only support one currency and artist payouts cannot be converted to USD.
Reports
Reports should only include events in one currency, use the Currency filter to ensure that only events with a particular currency appear in your search results.
If you have any questions, contact support@prism.fm!