Edition: Enterprise
User-level: Director, Assistant Administrator, System Administrator
Multi-currency allows you to work across borders, internationally and to invoice in currencies other than your organisation’s base currency.
Adding a New Currency
Organisation drop-down menu > Settings > Financial > Currency.
Select Add Currency
Select a currency from the drop-down menu that appears, you can also type in the country/country code
Select Save
Repeat this for all the currencies you plan to invoice in.
Set-up Multi-Currency in Projects
Once currencies have been added, they can be assigned to new and existing projects.
Organisation drop-down menu > projects
Either open and edit an existing project, or click add to create a new project.
Choose the invoice currency from the dropdown menu
Choose from the following options
Fixed: Sets the exchange rate at the start of the project and applies it to all invoices (typically specified in the contract).
Variable: Uses the exchange rate at the time of invoicing. Click Currency Conversion to check the latest rate on XE.
All other project details can be entered as usual.
How To Configure Multi-Currency Document Templates
To avoid manually adjusting invoices using a foreign currency, or showing the incorrect currency symbol, you can create a copy of your document templates so that you can choose which one to use when invoicing.
1. Copy an existing template:
Organisation drop-down > Settings > Templates > Document Templates.
Click "Create" in the top-right corner to create a new template.
Click 'Select' to the right of the template you want to create with foreign currency bookmarks
Use "Copy" to select an existing invoice template from the dropdown
Once you have selected the template you want to copy > Select Create
Rename the template in the top left and save in the top right
2. Edit the template bookmarks for foreign currencies:
From the edit template screen, select "Select Bookmarks"
Replace standard bookmarks (e.g., Invoice Currency Code, Invoice Agreed Fee, Proposal fee) with their foreign currency counterparts by searching "Foreign Currency" to find the relevant bookmarks
Save in the top right of the select bookmarks overlay and save again in the top right.
Download file and make the appropriate changes to the document in word.
Upload edited file.
Save template.
3. Edit the document table for foreign currency
From the edit template screen select 'Select Tables'
Double-click into all cells with values and replace the standard bookmarks with their foreign currency counterparts by searching foreign currency on the right-hand side (e.g. currency symbol, this claim etc)
Save in the bottom right.
Save table.
Save.
Creating Invoices with Multi-Currency
The steps to create and finalise an invoice remain the same when using multi-currency.
When a foreign currency is selected for a project, the Invoice page displays the conversion rate and invoice values in the Totals section.
If tax is not applicable, it can be removed at each stage.
Click on the stage name in the invoice screen
Choose the new tax rate from the dropdown
Save in the top right
Apply Multi-Currency Invoice Template
When you have created a draft invoice with a foreign currency, apply your foreign currency invoice template following the steps below.
Select the 'tools' icon above the invoice preview on the right hand side > Switch layout
Select your template from the templates list
Select 'Use template' in the bottom right of the overlay.
Multi-Currency Reporting
Similar to document templates, reports have specific foreign currency columns:
The easiest way to find multi-currency columns in reports is to use Foreign Currency as a search term, as pictured above.
Multi-Currency and Connect
Foreign currency invoices can be synced to Xero or QuickBooks Online (QBO) using Synergy's Connect feature.
Set Up Foreign Currencies in your Accounting System
Before using Connect to sync invoices, ensure that foreign currencies are set up in your accounting system.
If they are not set up, they will not be synced.
Syncing Invoices to your Accounting System
Sync foreign currency invoices to Xero & QBO in the same way you sync invoices in your base currency.
Organisation dropdown menu > Connect to Accounting
Select your accounting system (available for Xero Connect and QBO Connect only).
Set an Export From date.
Sync to transfer invoices to your accounting system.
Receiving Foreign Currency Payments
Synergy supports foreign currency payments. Just like regular invoices, you can manually mark foreign currency invoices as paid or record payments against them.
Option 1: Manually apply payments and mark as paid in Synergy
To enable manual payments:
Organisation drop-down > Settings >Organisation > Configuration.
Under Foreign Currency Invoices, check the box 'Enable manual foreign currency payments'.
Once enabled, you can manually:
Add a payment to the invoice.
Mark the invoice as paid.
Option 2: Sync payments from your accounting software (Xero or QuickBooks Online)
When these payments are received, your accounting system will manage any exchange rate variances.
Send the foreign currency invoice from Synergy to Xero or QBO.
When the payment is received, your accounts team can mark it as paid in the accounting system.
On the next sync with Xero or QBO, the payment will be imported back into Synergy and displayed within the invoice, as shown below:
Multi-Currency invoices and the Project Portal
Foreign currency invoices can be shared with contacts via the Project Portal.
When sharing invoices via the Project Portal, contacts with portal access will see the foreign currency in the document preview as well as in the invoice.
FAQ:
Q: Can I use a mix of base & foreign currencies on a single Project?
A: No, once a project has been invoiced using the currency that's been set on the Project, it's locked in and can't be changed. You can only select and use one currency on a Project.