BigTime’s multi-currency feature gives users the ability to invoice, bill, budget and track expenses in a multitude of global currencies. Any data you record for your firm with the multi-currency feature will also be available to view on reports. Once you have multi-currency for either expenses or invoicing (or both) activated, you’ll be able to add a few new fields to the reports you create. This article will define each of these fields and show just what they can tell you about your firm.
NOTE: This article assumes you already know how to add field columns to a report.
This report field will display any input charges on time entries for projects in foreign currencies. Remember that, when you enter time and attach it to an invoice, the bill rate associated with that time entry and project will be locked.
Billable Charged (Billable Hours*BillRate)
This field works similarly to the CHARGES (INPUT*BILLRATE) field, except that it only records charges that are marked as billable. Any billable charges reported on for projects in foreign currencies will be recorded in that project’s currency.
The BILLING RATE field under the MULTI-CURRENCY column section will keep track of the billable rate for any time logged toward one or more of your projects. This field pulls bill rates from your time entries and the rate cards for their associated project, so if the project is set up in a foreign currency, this field will return the bill rate in that project’s currency.
When you log time toward a project that’s being billed in a foreign currency, BigTime will record the exchange rate between that project’s currency and your firm’s base currency. Adding this field to a report will help you keep track of the appropriate exchange rates in the case that you take payments from international clients.