- Can I change my base currency?
You can change your base currency so long as you haven't logged any expenses, bills, payments or invoices while BigTime's multi-currency feature is enabled. As soon as you log your first multi-currency expense or invoice, your base currency will be locked and you won't be able to change it to another currency. Because of this, it's important to make sure you’ve set the correct base currency for your firm before you take advantage of BigTime’s multi-currency tools.
- Who can access my firm’s currency list?
- Can I just use multi-currency for invoicing and billing, or do I need to also have multi-currency for expenses activated?
No, you don’t need to have both activated. When you activate multi-currency for invoicing and billing, you’ll be prompted to set a currency for each of your clients, which will then determine the default currency for the projects those clients are linked to. Then, any expense you log toward a project will be converted to the currency you set for that project’s client.
- What’s the difference between exchange rates for expenses and exchange rates for billing/fees?
Since expenses are always logged on a specific date, BigTime pulls those exchange rates for the specific day of the expense record. However, since invoices record charges over a period of time, those exchange rates are dependent on how system administrators have configured date ranges in their currency list. Exchange rates for expenses are pulled from xe.com.
- Why can’t I change my client’s currency?
A client’s currency field locks as soon as a firm starts recording multi-currency transactions or expenses for that client’s project – so if you’re unable to change a client’s currency, it’s likely because you’ve already logged time, expenses or invoices in the currency you initially set for that client. This is to preserve the historical data for each of your projects’ financials.
- Can a project’s currency be different from the currency I set for that project’s client?
No, a project’s currency will always automatically match the one you set for that project’s client.
- How are cost rates tracked when I turn on multi-currency features?
When you have multi-currency features activated, your cost rates will be tracked in your firm's base currency.
- If I set up a project with a certain client and currency, can I move that project to a client with a different currency later on?
No, you cannot change the client associated with a project if you’re using multi-currency for invoicing and billing. If you try to do so, you’ll receive an error message letting you know that the currency for the client doesn’t match that of the project.
- Why don’t I see an exchange rate on every invoice I make?
The exchange rate field will only appear on invoices that are drafted in currencies other than your base currency. If you don't see an exchange rate on your invoice, it's because the invoice was recorded using your base currency.