Multi Currency Overview
Note: This is only applicable if you have the ‘Multi Currency’ functionality registered and enabled. How to check
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The Multi Currency functionality enables you to produce invoices in different currencies.
Before being able to create these invoices the following information needs entering into your system.
Setup |
Navigation |
Currency Codes |
Windows Application > Setups > Control Codes > Currency Codes |
Currency Conversions |
Windows Application > Setups > Control Codes > Currency Conversions |
Time-charge Rate Tables |
Web Application > Setups > Staff Related Codes > Time-charge Rate Tables List |
When the initial setup has been completed you will be in a position to proceed with the following;-
Assigning Hourly Rates Staff (for the custom rate tables)
You can assign custom hourly rates to staff member's via the Custom Rates tab page on the Staff Hourly Rates.
Assigning to Project / Tasks
Note: The time-charge rate table must be linked to the currency code. The currency is set at the project level. It is not possible for tasks to have different currencies however, it is possible for tasks to have different custom rates. You can set a fixed currency conversion which will run for the length of the project. In this instance the fluctuating currency conversion figures are ignored. |
Assigning difference currencies and rate tables to projects can be done via the Currency & Tax and Rate Table for Time-Charges sections of the Edit Project Invoicing Parameters.
You can change the Charge Rate Table on tasks via the Edit Task Fees page.
How the System uses the Figures
The following examples work with the Euro (€) currency with the system set with a Base currency of GBP (£).
In brief
The system records transactions using the currency conversion rate at the time of the timesheet date (Timesheets) and transaction date (Expenses). These lines are then updated with the appropriate currency conversion taken at the time of invoicing. The currency charge values are not changed; the currency conversion is only used to update the base rate charge values.
Currency Conversions The example below shows two currency conversions; one at the beginning of December and the other mid way through.
Custom Time-charge Rate Table A rate table has been set up for a specific member of staff with an hourly recharge rate of €140.00. Note that for all custom rate tables the resource rate from the staff member's .STD rate table is used. This is because the staff member's cost to the company is constant irrespective of which currency they are recording time against.
Timesheet Recording (prior to invoicing) For simplicity the following shows timesheet bookings for 1 hours work. The first line shows time booked at the beginning of December where the currency conversion of 1.38 is used. The second line is booked in mid December where the currency conversion of 1.40 is used. The key think to note here is that the Currency Charge (€) shows a constant €140.00 per hour (as set up on the staff member's Custom Time-charge Rate Table) irrespective of the conversion rate. The conversion rate is used to convert the Recharge Cost (£) (the base rate recharge) from the Currency Charge (€). The reason for this conversion is to ensure profitability reporting, which is all reported in base currency, is comparable irrespective of the charge-out currency.
Invoice Figures The following shows invoice figures based on an invoice raised at the end of December. You can see that the latest currency conversion of 1.4 is used on the invoice. The system records the invoice values in the base currency (£) and the charge out currency (€). Please notice that the Invoice Total (£) does not match the sum of the Recharge Cost (£) from the Timesheet Recordings (above). This is because the Timesheet records are updated with the current conversion rate taken at the time of invoicing.
Timesheet Recording (after invoicing) Below are the timesheet lines after the invoice has been created. Notice that the system has now updated the Recharge Cost (£) and Currency Conversion to represent the currency conversion at the time of invoicing.
Reporting All profitability is reported in the base currency. You can track timesheet Cost, Charge and Currency Charge figures via the appropriate columns on the Timesheet Enquiry or by Summarising these columns on the Timesheet Analysis reporting. You can also Filter to include/exclude specific Currencies via the Grid/Report Filter options. Invoice values can be compared by toggling the Currency option between Base and Billing on the Invoice List. |
Currency Conversions
Expense Recording (prior to invoicing)This data shows that a staff member has recorded two expenses; one at the beginning of December and one in the middle. For simplicity, both expenses are for £10 and both are tax except. You will notice that the Billing Conversions for each record are different. This is because the system has picked up the currency conversion (Billing Conversion) applicable at the time of the recorded transaction date.
Invoice FiguresThe following shows invoice figures based on an invoice raised at the end of December. You can see that the latest currency conversion of 1.4 is used on the invoice. The system records the invoice values in the base currency (£) and the charge out currency (€). Please notice that the Invoice Total (£) does not match the sum of the Base Charge (£) from the Expense recordings (above). This is because the Expense records are updated with the current conversion rate taken at the time of invoicing.
Expense Recording (after invoicing)Below are the expense lines after the invoice has been created. Notice that the system has now updated the Base Charge(£) and Currency Conversion to represent the currency conversion at the time of invoicing.
Reporting All profitability is reported in the base currency. You can track timesheet Base Cost (£), Base Charge (£), Cost (€) and Charge (€) figures via the appropriate columns on the Approve Expenses or Check Expenses lists or on the Expense Costs Enquiry reporting. You can also Filter to include/exclude specific Currencies via the Grid/Report Filter options. Invoice values can be compared by toggling the Currency option between Base and Billing on the Invoice List. |