Create, manage and invoice projects in foreign currencies, and manage expenses and reporting in single currencies. The new currency feature makes multiple-currency projects easy to manage.
After more than 2,000 hours of software development, we’re finally ready to launch the new currency feature – a much-anticipated addition for many of our customers. Currency- and country-specific services are now available, taking into consideration local requirements, but without those tiresome calculations between your currency and that of your customers for Group reporting. Managing expenses is also made far easier, as expenses can now be invoiced in the same currency as the project.
Local hourly rates
Using the new currency feature, employees can track time in foreign departments or countries using local hourly rates. For example, if a Danish employee works on a project for a US department, his or her hourly rates can be adjusted according to the prices of your company’s US customers, effectively eliminating the hassle of converting employee hourly rates to Danish kroner. Needless to say, this is a great feature for organisations with foreign subsidiaries, but it’s also a benefit for European companies that normally invoice in euros but would like to be able to create localised hourly rates for their services. Read the guide here.
TimeLog Project’s currency feature is a huge benefit for many of our international customers. Using the new currency feature, it’s possible to track customers from their pipelines in TimeLog Project’s CRM module to creating the final invoices – all in the same currency and without those bothersome conversions.
Simple currency reporting, many benefits
Using the currency feature for reporting, you can opt to show projects in their project currencies, the system currency or any currency you like. In this way, comparing performance between foreign subsidiaries and the parent company is made easier. This, in turn, provides a solid foundation for comparing internal and external time registrations per employee per country or invoicing percentages for several departments and/or countries. You alone choose the scope, depending on whether you wish to view project values in their specific currencies, the system currency or any other currency.
Editions and functionality
The extent of the currency feature’s functionality depends on your version of TimeLog Project: Team, Business or Enterprise. Unlocking the full potential of this feature requires an Enterprise upgrade. Team customers have access to the system currency (as defined during the setup) only.
Learn more about currency reporting in this document: