The Multiple Currencies feature allows
- to setup as many currencies as you need
- multiple currency rate cards
- select currency to use on a project
- lock the exchange rate on a project
- define to use the rate card based on currencies or to get the rates in the projects based on a conversion rate against the primary currency
- enter sell rates with different currencies that converts to project currency
The legacy Primary Currency option still exists.
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.
Configuring multiple currencies
To enable this new feature, go to Toolbox > Server Setup > Financial > Multiple Currencies Setup.
Currently this option is only active IF the company name in Server Setup > General tab = Demo DB. If you want to try out the multiple currencies please contact support.
Tick the box to Enable Multiple Currencies and choose the Main Currency for your farmerswife server.
By default only EUR, GBP, USD appear. If your primary currency is not among these, you first have to set your primary currency active, then you can choose as Primary.
To change the Active status of a currency click in the Yes/No field and type Yes (for Active!) or No (Not Active).
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.
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.
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.|
|Conversion Rate Columns:||Click in the cells of the first "Primary" Currency row to add the conversion rates.|
Setting: "Calculate Conversion Rates From Main Currency"
This option is enabled by default. It means that the conversion rate needs to be updated only on the main currency line, and then the conversion rates on the other currencies are updated accordingly.
Setting: "Enable "Use Currency Rates" When Creating New Projects":
When enabled, the option "Use Currency Rates" will be enabled by default on new Projects.
In general you can configure Rates per Currency. This is called "Currency Rates". It means that you can add a specific Buy and Sell Rate for a number of Currencies on one Object (Suites, User, Resources, Services, Materials, Expenses, Media Orders), Object Class and Activity in your Object Manager. See further down for more details.
This means you can decide on a Project basis to get currency rates based on one of the two following ways:
1) Use Currency Rates = No: Rates are coming from Main Currency rates and are converted to the selected project currency using the corresponding conversion rate.
2) Use Currency Rates = Yes: Rates are coming from Project rates converted through the Currency Conversion Rate.
"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 conversion rates on specific date and time. This is for consultancy only.
Setting up currency rates
In the Object Manager, there is a new icon next to the Buy/Sell Rate fields on the Modify window of Objects (Suites, User, Resources, Services, Materials, Expenses, Media Orders), Object Classes and Activities, that opens the Multiple Currencies Rates window.
This window shows the Buy/Sell Rate fields for the main currency (at the top), and for the rest of the currencies (below), allowing you to set up prices for your services per currency.
Using Multiple Currencies
Admin Users should have permission to "Can Edit Conversion Rates On Projects"
Choosing Currency per Project:
In the Edit Project window, there is a field to select the Currency.
When you enable Multiple Currencies on a farmerswife that already has Projects, in all existing Projects this field will be empty. This is a mandatory field so when opening an existing project you need to select a currency for the project.
Once a Currency has been selected for the Project and you click Save or OK, it cannot be changed.
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 Divisions will be the User's Division and the Currency accordingly.
E.g. Bernd is from Berlin Division, when he creates a new project, the Division = Berlin and Currency = EUR.
Edit Conversion Rates On Project:
Click on the icon next to the Currency field in the Edit Project window, to open the "Conversion Rates Used In Project" window.
Only Users with "Can Edit Conversion Rates On Projects" enabled (new User Permission available for Users with Tasks/Bookings/Rates license), will be able to edit the conversion rates on a Project basis.
Once conversion rates are updated and the user clicks OK, there is a warning if you want to Force Apply to the entire Project. If clicking Yes, all existing financial lines (from Bookings, Services, Budget details) in the Project will get updated according to the new conversion rate. If clicking No, new financial lines added from that moment onwards will be calculated according to the new conversion rate.
Using Currency Rates:
When enabling the "Use Currency Rate" option on a Project, instead of using the main currency rates and a conversion rate to calculate a rate for the currency used in a Project, 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, farmerswife will take the rate from that Object's main currency and convert it according to the conversion rate applied to the Project.
Updating Currency Conversion Rates in active projects:
Invoices will have the Currency and the Conversion Rates from the Project.
The Invoice Editor shows the Currency inherited from the Project at the bottom of the window. When clicking on the value, the rest of the active currencies get listed with their corresponding conversion rate (as per Project).