Settlement currency in accounts

Accounts have a preferred settlement currency. The preferred settlement currency on account is in the Account.PreferredSettlementCurrency property. To create a new account with the given contact as the account holder, you can use the createAccountForContact method in gw.account.AccountBaseEnhancement. In the base configuration, this method initializes the account’s preferred settlement currency based on the contact’s primary address. The code assumes that if the coverage currency is set, the settlement currency is also set.

In the base configuration, the jurisdiction on the address maps to a country, and each country has a currency. For the rare jurisdiction that does not have a country, you can specify the currency directly for that jurisdiction. Map the jurisdiction to currency in the definition of the jurisdiction and country typekeys. For an example, see the typecode for Guam in the Jurisdiction.ttx typelist extension. However, if for some reason an address does not map to a currency, the createAccountForContact method initializes this property to the system default currency. A properly configured system always specifies the currency and does not rely on this fail-safe behavior.

When the account is initially created, the country of the account’s address determines the preferred settlement currency. Methods in the gw.web.financials.AccountCurrencyInitializer class determine the currency.

The AccountCurrencyInputSet PCF file displays the account’s settlement currency.

The AccountFile_Claims and SubmissionManager PCF files use the settlement currency to determine the currency on the Account File Claims and Submission Manager screens. These files use the settlement currency for computing and displaying the Total Incurred and Total Cost fields, respectively.