- What subscription level do I need to have to use multi-currency for expenses?
BigTime users will need to have either the Pro or Premier subscriptions to use multi currency for expenses. Those that want to use multi-currency for both expenses and invoicing will need to upgrade to Premier.
- What currencies are available when entering an expense in Multi Currency?
BigTime pulls all of its currency data from xe.com, so any currency that is recorded on that site will be reflected in BigTime.
- How are exchange rates determined for a particular expense?
Because exchange rates fluctuate constantly, BigTime pulls them from xe.com on a daily basis. When you record an exchange rate on a particular date, BigTime will pull the exchange rate for that day. If you edit the date associated with your expense, the exchange rate will adjust to match the rate for that day.
- If an expense is entered in a foreign currency, can tax rates be applied to it?
No. Tax rates can only be entered and applied to expenses recorded in your firm’s base currency. If you enter your expense in a foreign currency, BigTime will automatically disable the tax rate field in your expense entry window.
- Can I edit the exchange rate for my expenses?
Exchange rates on expenses can only be edited by system admins or users with admin rights after the expense has been entered. They can do that by going to MY COMPANY…PENDING APPROVALS…EXPENSES and drilling down into the expense details editor.
Staffers won’t be able to change or edit an exchange rate when they initially enter an expense – that field will be locked.
- Why can’t I turn off Multi Currency?
If you’ve activated multi-currency for your firm and have already logged expenses in multiple currencies, you won’t be able to turn the multi-currency feature off. This is to maintain the integrity and accuracy of expense records.
- Do markups apply to my multi-currency expenses?
Yes, markups will apply to expenses you enter with the multi-currency feature.
- Can I change the currency on a submitted expense?
No. Once you’ve submitted an expense under a certain currency, neither system admins nor staffers will be able to edit or change that currency. If you made an error entering your multi-currency expense and want to change the currency, your system admin will need to either reject the expense so you can make changes, or delete the expense entirely so you can start from scratch by entering a new expense.
- Is Multi Currency available in the mobile app?
Not yet. For now, BigTime’s multi-currency feature is only available for desktop.
- How will my expenses post to my accounting system if the expense is in a different currency?
Your multi-currency expenses will be posted in your firm’s base currency, regardless of the foreign currency it was entered in. For example, suppose your firm is based in New York and uses USD as its base currency. One of your staffers takes a client out for lunch in Berlin, and logs it as an expense of €50. Converted into your base currency, this expense amounts to $53.26 in USD. Given this, the expense will be posted to your accounting system as $53.26.
- Can I limit which currencies are available when entering an expense?
No. BigTime pulls all currencies from xe.com and makes them all available to you in the expense entry window.