Monetary amount data model element in PolicyCenter 8.0

In 8.0, Guidewire uses a new data model element called <monetaryamount> to represent a specific money amount and its associated currency. You can use the <monetaryamount> element anywhere you can use a <column> element, for example, on entity or extension objects.

The <monetaryamount> element is different from other data model fields in that it corresponds to two columns in the database:

• The first column represents the numerical amount of money involved, for example 500.
• The second column represents the currency associated with the numerical amount, for example, Canadian dollars.

PolicyCenter implements that amount column internally as a standard database column with a datatype of money or one of its related derivatives such as positivemoney or negativemoney, for example. PolicyCenter implements the currency type column internally as a typekey of the Currency typelist.