Edition: Enterprise
User-level: Director, Assistant Administrator, System Administrator
The Multi currency feature takes the headache out of converting payments paid in a foreign currency into your organisation’s base currency, allowing you to easily work across borders.
How to add a new currency
Organisation menu > Settings > Financial > Currency from the organisation dropdown menu
Select Add Currency
Select a currency from the dropdown 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 set up, they can be assigned to new and existing projects.
organisation menu > projects
Select 'add' in the top right-hand corner or open an existing project and 'Edit' in the top right
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 set up multi-currency document templates
Copy an existing template
Organisation dropdown, go to 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
How to 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.
How to 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.
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.
From the Organisation dropdown menu, go to Connect to Accounting and select your accounting system (available for Xero Connect and QBO Connect only).
Set an Export From date, then click Sync to transfer invoices to your accounting system.
Foreign Currency Payments
Foreign currency invoice payments can only be added through Synergy's Connect feature during syncing and cannot be added manually. When these payments are received, your accounting system will manage any exchange rate variances.
During 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.
Tips!
Existing projects cannot use a different currency if the organisation's base currency has already been used in an invoice.