User-level: Project manager, Director, Assistance Administrator, System Administrator
Previous steps: N/A
We understand exchange rates fluctuate and can be difficult to account for when working on international projects. Synergy has simplified this for you.
An introduction to multi-currency
Set up foreign currency for your company
Get your system administrator to define the currencies your company works in.
1.Organisation menu > Settings > Financial > Currency.
2.Select 'Add Currency'
3.Choose from the currency from the dropdown list available or type in the currency code
4. Select Save
Set a project in a foreign currency
The project manager can then choose this currency when creating a new project by changing the 'Invoice Currency' and then choose how the Exchange rate is calculated.
Fixed will apply a pre-agreed exchange rate to all invoices. A variable-rate will use the exchange rate at the time of invoicing.
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.
Use your accounting add-on to reconcile 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.
NOTE: Your subscription level of QBO or Xero must support multi-currency functionality.
Multi currency document templates
Synergy provides examples of document templates in foreign currencies. To view these go to organisation menu > settings > templates > documents.
Default foreign currency document templates include:
Credit note summary foreign currency
Invoice summary foreign currency fixed rate
Invoice summary foreign currency variable rate
Project statement foreign currency
Proposal summary with foreign currency fixed rate
Feel free to edit these to match your companies branding, you can do this following the steps in this document template tutorial
Where to next?
What other features does this relate to?