farmerswife has a simple multiple currency functionality that allows up to three currencies: Primary, Secondary and Third Currency options where secondary and third were converted based on the Primary and conversion rates and mainly served as a viewing option. This option becomes a legacy when using the new Multiple Currencies feature.
The Multiple Currencies feature allows to:
- use as many currencies as you need
- select a currency per project
- set the exchange rate per project
- choose whether to use conversion rates or object currency rates on projects
- create multiple currency rate cards
When upgrading, a list of all the world's official currencies will be imported into your farmerswife Server. The currencies_examples.csv file will be added to the server folder structure, under html_templates/other/currency/importer folder.
TABLE OF CONTENTS
- Currency Rates
- Working with Projects and Currencies
- Projects Search
- Changing Project Currency
- What happens to my Projects and Invoices after enabling Multiple Currencies?
- Invoice Creator & Manager
- Rate Cards
- Knows Limitations
To enable this feature, go to Toolbox > Server Setup > Financial > Multiple Currencies Setup.
Tick the box to Enable Multiple Currencies and choose your Main Currency.
By default only EUR, GBP, USD are listed as available options. If your Main Currency is not among these, you first have to set your Main Currency active, then you can choose as Main Currency.
To change the Active status of a currency click in the Yes/No field and type Yes (for Active!) or No (Not Active).
Press OK to confirm the Main Currency and apply the entered conversion rates and open the window again.
Default Currency Rates For New Projects:
Choose here which option you want to be set as default for new Projects to take Currency Rates "From Objects" or "Using Conversion Rates".
Search For Currencies On A Specific Date:
The conversion rates configured in this window take effect on new Projects.
You can use the Date and Time filters to search for previous used conversion rates on a specific date and time. This is for consultancy only.
Currencies and Conversion Rates
The "Currencies And Conversion Rates" table shows the complete list of all the currencies that were imported. EUR, GBP and USD are Active by default and have a conversion rate.
The currency that was selected to be the Main, jumps to the top of this list and is highlighted in blue.
The Main Currency is listed above the table (e.g. USD ->) and additional currencies and conversion rates next to it.
This table has the following columns:
|Currency Name:||A non-editable field showing the official currency name, e.g. Euro. Currently a value that is only displayed in this table.|
|Alphabetic Code:||A non-editable field showing the official currency alphabetic code. e.g EUR, for Euro. This value is displayed in the Project Edit window, in the Invoice Editor, in the Object/Object Class/Activity Modify window when setting up Multiple Currencies Rates in Object Manager, and in the Print Designers when selecting the "Currency" Element.|
|Numeric Code:||A non-editable field showing the official currency numeric code, e.g. 978, for Euro. Currently a value that is only displayed in this table.|
|Active:||To activate a currency, gently click into the yes/no field change the value from No to Yes. Active currencies will jump to the top of the list.|
|Add a symbol for the currency that you activate. This symbol is displayed in the Project Edit window, in the Invoice Editor, Invoice Creator and Manager at the bottom. If no symbol exists fort he Currency pleas type the 3-digit ISO Code.|
|Conversion Rate Columns:||Click in the cells of the first "Primary" Currency row to add the conversion rates.|
On a farmerswife database with various Divisions (licensed module), you can additionally configure a default Currency per Division. This needs to be done in the farmerswife Server application > General Tab > click the Division to open and select currency.
a. Currency Rates From Objects
When enabling the "Use Currency Rate" option on a Project, instead of using the main currency rates and a conversion rate to calculate rates, farmerswife will directly pull the rate from the specific object currency chosen for the Project.
If an Object/Activity/Object Class does not have a rate (either buy or sell) configured on the Project's Currency the Object's Rate will be 0 and you can edit the rate.
b. Using Conversion Rates
Rates are coming from Main Currency rates and are converted to the selected project currency using the corresponding conversion/exchange rate.
Users must have User Permission "Can Edit Conversion Rates On Projects" activated (new User Permission available for Users with Tasks/Bookings/Rates license), to be able to edit the conversion rates on a Project basis.
Click on the icon next to the Currency field in the Edit Project window, to open the "Conversion Rates Used In Project" window.
Once conversion rates are updated and the user clicks OK, all existing financial lines (from Bookings, Services, Budget details) in the Project will get updated according to the new conversion rate. New financial lines added from that moment onwards will be calculated according to the new conversion rate.
Object Rates show both the Main Currency and the Project Currency.
Working with Projects and Currencies
How things are stored in the Projects
For each Object we now have:
- Buy / Sell Rates: The original Buy / Sell Rates. The numbers stored in here should always be in the `Main Currency`.
- Currency rates: A new index that stores the currency rates of the Object for each active currency. Includes Day and Hour rates.
Choosing Currency per Project:
In the Edit Project window, there is a field to select the Currency.
On new Projects, the Currency field will display the Main Currency by default but you can change it to another one.
If you're using Divisions, the Project Division will be the User's Division and the Currency accordingly.
E.g. Peter is from ES Division, when he creates a new project, the Division = ES and Currency = €.
Next you can choose to use Currency Rates
a) From Objects
b) Using Conversion Rate
How to get the rates in the Edit Project window
Currency Rates: "Using Conversion Rates"
you get the original `Buy / Sell Rates` and convert them using the conversion rate.
To change Rates, the Edit Rates window will show the Main Currency AND the selected Project Currency.
You will be able to edit the rate in the main currency or vice versa. It's always converting in one or the other way.
When adding e.g. Expenses that have a 0 Object Manager Rate you can enter the Expense in either currency and it will convert accordingly.
Using Currency Rates "From Objects"
Using this you get the `Currency rates` of the Object for the Project Currency.
What happens when you edit rates
- Currency Rates "Using Conversion Rates": you are always editing the `Main Currency` and then the `Project Currency` is converted on the fly.
- Currency Rates "From Objects" means you are editing all the `Currency Rates` of the Object for the chosen Day / Hour configuration.
You can display a column with the project currency in the Advanced Project Search > filtering: Projects
In general, objects rates are converted in the following way when changing the project currency:
Currency Rates: From Objects
- If the object INHERITS CLASS RATES and
- It has a class and activity ==> gets currency rates of activity
- It has class and no activity ==> gets currency rates of class
- If object doesn’t inherit class rates or doesn’t have class and activity ==> gets currency rates of object
Using Conversion Rates
Everything is converted with conversion rates for the following sources and objects:
1. CLASS BOOKINGS OBJECTS AND EXTRAS
2. MATERIALS, SERVICES, EXPENSES
3. PROJECT OBJECTS (directly on project)
4. PROJECT WORK ORDERS
1. OBJECTS, MATERIALS, SERVICES, EXPENSES
5. MEDIA ORDERS
1. MATERIALS, SERVICES
6. VIRTUAL BOOKINGS
1. OBJECTS AND EXTRAS
For the following, CONVERSION RATES are always used: WIP
1. CUSTOM MATERIALS/SERVICES/EXPENSES
2. PRICE AGREEMENTS
3. SELL PRICE OPERATORS (ONLY CASH DISCOUNT)
4. PROJECT WORK ORDERS
1. FIXED PRICE
5. MEDIA ORDERS
1. FIXED PRICE
1. USER RATE
What happens to my Projects and Invoices after enabling Multiple Currencies?
When you enable Multiple Currencies on a farmerswife system that already has projects and invoices the upgrade "Wizard" will apply.
You can set "default" Currency on Clients > Client Details > Currency. The wizard will detect and map the "new" currencies.
Projects currently don't have any currency data associated to the them.
So all existing Projects with no currency will be set to the Main Currency.
You'll get a pop-up saying that all Projects with no currency will be set to the Main Currency.
Make sure to have the "Default" to "Use Conversion Rates".
Should you have used a Custom Field: "Currency" in the past, then the Wizard will detect this field:
Archived Projects will not be affected/updated/modified. If you later restore an archived project you'll only be asked to choose the currency when setting it Active again.
It is important to have the Default set to "Use Conversion Rates" in the Multiple Currency Setup before continuing here.
Invoices can already have currency data associated to them (legacy multiple currencies). However the issue is that, with the current setup, it's possible that the currency code could be anything. Meaning that it could not be the official ISO currency code. So we can't determine with 100% accuracy what that currency is. Setting the wrong currency with the wrong conversion rate could be an issue when reporting on past invoices.
The next popup will bring up all Invoices that are "unresolved" in a table with columns `Name`, `Detected Currency`, `New Currency` (plus whatever other columns will help identify the invoice and the currency it's supposed to be in).
In `Detected Currency` it will display the existing manually entered currency code for example `EUR`. Then in the `New Currency` there will be a selector with all the new currencies. And if it finds the old currency code in the list of new currencies it will select it by default. If not then you will have to choose one from the list manually. In this case they would have to choose DKK.
On Projects/Invoices with detected currency that is different to the main currency the rates are stored in Project/Invoice currency rather than in main currency. If a Currency that is different to Main Currency is detected on a Project, the conversion rate of `main currency (USD) -> detected currency (EUR)` will set to be `1` for that project. This way the rates should be the same after applying the wizard however it would mean that projects with detected currency will have different conversion rates to the ones shown in `Toolbox settings`.
The conversion rates of the legacy currency data will always be kept. It will not be overwritten by the new conversion rate. This is just for determining the correct currency.
If I update the conversion rate on the invoice, it's now overwritten with the legacy conversion rate. It should not change/apply anything on the invoice apart from the "Currency"
When all Invoices have a currency selected you will be able to complete the wizard.
On Closed Projects you can open and edit the Currency without having to set Active.
We suggest to always select the Main Currency to not get unwanted conversion calculations in the project.
Be extra careful when using the legacy Currencies before enabling the new Currencies setup.
You can set "default" Currency on Clients > Client Details > Currency, so when creating a new project and associating with that client you'll be prompted if you'd like to apply that client currency or use the default/Division currency.
If the Currency is not set on the client, then the Main Currency applies when creating the project.
Project with Currency Rates From Objects
- Creating a prepayment you'll be able to enter the amount in the secondary currency.
- Part Invoices
- Total Invoice
Using Conversion Rates
- Invoicing Projects Using Conversion Rates will allow you to modify the Conversion Rate at the point of invoicing.
- Creating a prepayment
You'll be able to enter the amount in the secondary currency.
When creating another invoice for the same project and farmerswife prompts that there has been an invoice already detected, however the prepayment invoice amount shows in Main Currency.
- Part Invoices
- Total Invoice
Client vs Project Currency
If the Client has different Currency set than Project, upon creating an invoice for the project you'll be prompted which Currency to use:
If you create an Unreferenced Invoice or Credit Note you can choose whether to invoice using Object Rates or Conversion Rates.
If Divisions are setup, the Currency will be the Division's Currency. You can still change it to another Currency.
Invoice Creator & Manager
The bottom of the window shows totals for all used Currencies.
In both Invoice Creator & Manager you can go to the Menu > Edit view and add the Main Currency columns tot he table view. This allows to see the totals invoiced in invoice currency but also the main currency totals per invoice.
Invoice Summary shows selected invoice in their invoiced currency. You can display Currency and Conversion Rate in the report. For an ad-hoc conversion use the Financial Report.
Rate Cards allow you to set different price lists for Objects to be applied on Projects.
Currency Rates: Related to this it is important to set the Currency Rates: Using Conversion Rates. If you change on a Project to use Currency Rates: From Objects, all Rates in the Rates Card will be set to 0.00.
Client Rate Cards
When adding Objects to the Rate Card you can set different rates for the Client related currency.
IF NO Currency is defined in Client Contact > Client Details, then only the Main Currency (here: USD) shows when adding Objects to the Rate Card.
If you define a Client Currency you have to first apply the changes and close the contact. Then open again.
You will either see the Object Rates when there's Objects that HAVE Rates in the assigned Currency or the converted main currency rate.
You can select an Object and then alter the Rate in both Currencies.
In the example below, there are no Object Rates in DKK set in the Object Manager for any Object so the main currency (USD) rates are converted into DKK. When you add the Object to the Rate Card you can set the Rate either in DKK or Main Currency and it will convert.
Creating a new project you can link to your client and the corresponding currency and rate card will be applied. To view/alter the rates in the client's currency you first have to save the project and then open the client rate card from the project.
Project Rate Cards
You can create a Project Rate Card from within a Project. If the Project's currency is different than Main Currency, the Rates window will show both currencies. If you are using
a) Conversion Rates > the object rates are converted based on the projects currency conversion rate and you can alter manually in both currencies and they convert.
b) Object Rates > the object rates either show the set rates or 0.00 and you can alter manually.
Project Budget Rate Card
Global Rate Card (not yet supported)
If you use/apply a Budget Template, he previously set Rates if the project is in Main Currency will be kept.
If you use another Currency e.g. EUR and "Rates from Object", if an Object has a EUR rate that Rate is pulled when applying the template (both saying to Reset Rates to List Price but also when saying to NOT reset to List Price).
Project & Invoice Report
In the reports you can choose to convert into main currency or not convert.
When printing e.g. a quote, invoice or project report you may not want to convert the values but send the report in the selected currency.
User Report (no rates)