Timebeans allows administrators to setup multiple currencies. Your account has at least one company location already defined and you can add more locations as you want. This option is available under the Settings menu as shown below. Each company location can have its own currency.
Your account has a default currency which is automatically copied when you create a new location. After a new location is created you can change its settings like currency, minimum hours to be worked per week, timezone etc. Each employee in your company will be associated with a location and the location settings defined here are automatically applied.
The rest of this article is relevant if you have multiple locations and at least one location has a different currency.
Where are the currencies used?
The currencies you define for your locations are used in multiple scenarios as discussed below:
Defining Employee Rates
Each employee is linked to a company location and the currency defined in the location settings is used when defining employee rates on the employee view/edit screen. This rate is used when calculating the billable amount of projects where the billing mode is set as "Employee Rates" (more on Timebeans billing modes here).
Defining Project Rates
When you define hourly rates for the project you also choose which currency to use. Unlike employees who belong to a particular company location, projects are linked directly to the company. Hence you choose the project currency when creating a new project. By default the currency of the person who is creating the project is selected however it can be changed. This option is visible only if the project billing mode is set as "Project Rates".
Defining Task Rates
Similar to projects, when you define hourly rates for a task you also choose the currency of the rates. This option is visible only if the project billing mode is set as "Task Rates".
When adding a new expense, Timebeans will automatically use the location currency of the employee who is adding the expense.
Once all company locations are setup with the appropriate currencies the next step is to define exchange rates which can be done from the Settings page. This is not a mandatory step however not defining exchange rates for the currencies you have used in your Company Locations may have impacts on reports and invoices as defined below.
In the reporting context, Timebeans uses the currency in which a rate is defined (either employee hourly rate, project hourly rate or task hourly rate) as the base currency. While the person who is viewing the reports, the currency set in their location settings is used as a target currency. As an example assume that Sara and Jason work at Timebeans which has offices at two locations (New York - US and London - UK). Sara who is a project manager works at the US office in New York where the location currency is set as USD ($). While Jason works at the UK office in London where the currency is set as Pound sterling (£) and Jason's standard work rate is defined as £45 per hour. They both are working on the same project and the project's billing mode is set to "Employee Rate". Sara (who is a project manager and works at the New York office) is viewing a report about the time and expenses reported by Jason so far on the project. In this context since the work rate is defined for Jason, Pound sterling will become the source currency. And as Sara is viewing the report (her location currency is set as USD), the USD will become the target currency. If there is an exchange rate defined between Pound sterling (source currency) and USD (target currency), Timebeans will automatically use the exchange rate to show the billable amount and expenses in USD to Sara (because her currency is set as USD) although Jason's hourly rates and reported expenses were in Pound sterling. If there is no exchange rate defined between Pound sterling and USD, Timebeans will display the time duration (in hours and minutes) but will not calculate the billable time amounts. And the expenses in this case will be reported in the original currency (Pound sterling) instead of the viewer's currency (USD).
The invoicing context works like reporting however the difference is that you can choose the currency when you are creating a new invoice. This will default to the location currency of the employee who is creating the invoice however it can be changed. This currency is then used as the target currency. The source currency is in which the hourly rate or the expense is defined. If there is an exchange rate defined between the source and target currency Timebeans will automatically use it to convert all amounts to the target currency (invoice currency). If there is no exchange rate defined Timebeans will not display such items to be added to the invoice.
If you are using multiple currencies and have not defined the exchange rates please be cautious of the calculated billable amounts as they may not provide the full picture. As mentioned above Timebeans will not calculate the billable amount of time duration if the exchange rate is not defined between used currencies. However while grouping and aggregating, a total amount may still be calculated from other time and expense entries where an exchange rate is defined (or where exchange rate is not needed due to same source and target currencies) but may be missing sums from other values where an exchange rate is needed but not available.
Timebeans will display a warning message at reporting and invoicing pages if it detects you are using multiple currencies to ensure any errors are avoided.