The Multiple Currencies feature allows to:
- setup as many currencies as you need
- select currency per project
- set the exchange rate per project
- choose whether to use conversion rates or currency rates on projects
- create multiple currency rate cards
- enter sell rates with different currencies that converts to project currency
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
- Configuring multiple currencies
- Setting up object currency rates
- Project Currency
- Using Currency Rates
- Using Conversion Rates
- Changing Project Currency
- Invoicing
Configuring multiple currencies
To enable this 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 BETA Test the multiple currencies please contact support.
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.
farmerswife always needs to have a Main Currency to be able to generate consolidation reports later on.
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.
e.g. UK Division will have GBP as default currency and the US Division will have USD as default currency.
When creating a new Project for the UK Division, the Currency field will automatically show GBP. This can be changed on a per project basis. An example would be that UK Division creates a Project but the client is from Germany, so the Project needs to be in EUR.
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. |
Symbol: | 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 pulled from Object Currency 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.
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.
Project Currency
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 system with pre-existing Projects, the Currency field will be empty. This is a mandatory field so when opening an existing project and pressing OK you need to select a currency for the project.
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 = €.
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.
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 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, farmerswife will take the rate from that Object's main currency and convert it according to the conversion rate applied to the Project.
Using Conversion Rates
Users must have User Permission "Can Edit Conversion Rates On Projects" activated (new User Permission available for Users with Tasks/Bookings/Rates license), will be able to edit the conversion rates on a Project basis.
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.
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.
Changing Project Currency
In general, objects rates are converted in the following way when changing the project currency:
“Use Currency Rates” ON:
- 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
“Use Currency Rates” OFF:
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. OBJECTS
2. TIMEREPORT
1. MATERIALS, SERVICES
6. VIRTUAL BOOKINGS
1. OBJECTS AND EXTRAS
For the following, CONVERSION RATES are always used:
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
2. TIMEREPORT
1. USER RATE
Rate Cards
On Ratecards it if setting is on: Use Currency Rates you will see the Currency of the Project and once picked and you look inside of the Rate Card it shows the price in the Project Currency and below the default Currency. If you haven’t setup Currency Rates, you don’t see any prices which is correct in this case.
If the setting is off you will the price of the Object converted from its default currency price into the Project currency. Also correct.
when the project has a different currency to the global one, I had to disable the Global Ratecards for now (Saving as Global Ratecard, and loading existing ones). Because currently Ratecards have no currency associated with them and when loading existing ones there is no way to determine what rates to use.
Invoicing
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).
Reporting
Coming soon.