This is big news for companies that work across international borders.
We understand exchange rates fluctuate and can be difficult to account for when working on international projects. Synergy has simplified this for you.
Multi-currency in four easy steps
Using multicurrency in Synergy is a straightforward 4-step process.
Set up a foreign currency for your company – Get your system administrator to define the currencies your company works in. Your project managers can then choose these currencies when they set up their projects. Organisation menu > Settings > Financial > Currency.
2. Set a project in a foreign currency – When your project manager is creating their next project, simply select the currency to invoice in and then choose how the exchange rate is. Fixed will apply a pre-agreed exchange rate to all invoices. A variable-rate will use the exchange rate at the time of invoicing.
3. Invoice in the foreign currency – When it comes time for invoicing, your invoices are automatically calculated from your company’s base currency to the nominated project currency. The bookmarks in your invoice will clearly show this, so your client gets an invoice in their own currency.
4. Use your accounting add-on to disburse payments – When you receive a payment in your account, you handle the payment in the accounting add-on. The accounting software handles any exchange rate variances*. The next time Xero or QBO is synced, the payment will revert to the base organization currency, to send back to Synergy. Then you will see the payment in Synergy.* Your subscription level of QBO or Xero must support multi-currency functionality. Synergy provides an example of a foreign currency invoice as a document template but feel free to design your own invoices to suit your company’s needs (only in Synergy Business and Synergy Enterprise).