Currency Creation

To access controls around the initial setup of Multi-Currency usage, navigate to your Admin settings. Firstly, to setup Currencies, you will need to navigate to Organisation > Currency.

Here, if Currencies are already setup, you will see a list of which ones are available and where they are applicable for use.

To set up a new Currency, simply select the Add button towards the top right. If this button does not appear for you, please contact Support to discuss having your Currency limit raised.

When adding a new Currency, you will be able to choose from a drop-down of all existing Currencies in the world and in doing so, the name of this Currency, as well as the ISO code for it will be pre-populated. You are free to change the name and symbol that appears for your internal usages via the mandatory fields as shown.

Further to this, you are able to make selections as to how the Currency will be used within the system. The Active box selects whether this Currency is available for selection at this time and this can be checked at a later point in time if you so choose.

The Job checkbox designates the base currency in which all transactions made is converted back to for this Job. This checkbox also fixedly checks the Estimate and Purchase boxes as well, to ensure that the Currency remains in use throughout the Job.

By checking one or the other of the Estimate and Purchase boxes, you are able to control whether you only wish to provide Estimates or Purchase Orders in this currency, while keeping this usage separate from the Currency you would more typically operate within. This gives you the freedom to provide an Estimate to your Client in a non-native Currency, while retaining the ability to track all of the financial details of your Job in your usual Currency.

Once saved and made Active, this Currency will become selectable in the parts of the system indicated by your choices for new Jobs presuming they have an Exchange Rate in place.

Exchange Rate Management

Next, in order to provide meaning to your Currencies, you will need to create some Exchange Rates. These are similarly accessed via Admin > Organisation > Exchange Rates.

Here, if you already have Exchange Rates created, you will see them listed here. Please note, you will only be able to edit these rates if they are currently inactive. At a minimum, you will need to have a Purchase Rate Master and a Sales Rate Master file available in your system for Currencies to be possible to use.

Taking a look at the Master type, you can see you are given the option to name the Rate, give it a Description and choose between whether this is a Purchase or Sales Type. All Master Rates are for all Clients and you are able to choose a Start and End date for it.

Below, you are able to assign Rates between each Currency. The Currency you are converting from will always be shown in the left-hand column, while the Currency you are converting to will be shown along the top.

Once this is saved, this will be available within the system to convert Currencies with.

In the case of Exceptions (non-Master Exchange Rates), you will see the options shown above. This can only be performed for Purchase type rates. In this instance, you will be able to select a specific Client that this is for use against.

Additionally, these Rates are selected against a single Currency as an individual exception. Here, you can choose the From and To Currency, the selected Rate for it as well as setting a Budget for these Rates to use. It is worth noting that if a particular Purchase exceeds the Budget or Remaining Budget for this Rate, it will not be possible to select this Exchange Rate for that Purchase.

Once you have created your Exchange Rate, all usage of the Rate will be recorded against it. In the case of Exceptions, you will be able to see the remaining balance of Currency usage against the Budget.

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