Currency Setup

There are many situations in which you might want to convert a cost from one currency to another. iCFM includes a Currency Setup page so that you can use other currencies without needing to do your own calculations. To convert a Billing Approval or Invoice into another currency, see Billing in an Alternative Currency.

Currencies held in iCFM are not automatically updated, as usually you would not want rates to change once they have been given out to customers or suppliers. Instead, exchange rates are fixed for the period you set, so figures on Projects do not change with daily market movements. How often you update them is up to you - some clients update monthly, others quarterly or less often. If there is no current valid configuration, the previous rates will be used.

Resource costs on other-currency Projects are converted using the rate valid when the booking is made, not the date of the Job itself. This means two Jobs on the same date can use different rates if one was booked earlier than the other. Costs are recalculated using the current rate if a booking is later changed, for example if the dates or times are updated.

To save a new Currency configuration:

1. Menu > Admin Options > Currency Setup
2. Click Add New (this will clear the form other than the base rate)
3. Enter an Expiry End date for the currency setup
4. Enter the current exchange rate into each of the currencies you require*
5. Click Save

* To check for live exchange rates we recommend xe.com, which you can also access from the Currency Setup page

You can reuse or amend a previous currency configuration at any time by selecting it from the list on the left hand side of the page and updating the expiry date. However, we recommend using Add New when updating your rates, so previous configurations remain on record.

Please Note: The base rate for conversions is always GBP