When setting up the multi-currency functionality for your company, you have to choose a home currency.
Once the multi-currency functionality is enabled, you have to set up foreign bank accounts and if needed foreign credit card accounts. If a bank account is in your home currency, leave it blank. On all the Workamajig screens, a blank currency means your home currency.
On transaction entry or billing screens, you can only select a foreign currency which is on a bank account.
You maintain your own currency exchange rates for each currency, GL company, and date. You can enter them manually or press a button on the UI to get it from Workamajig. The system will connect to a data provider to extract the current exchange rate. Exchange rates are stored using 6 digits after the decimal point.
You can enter transactions such as vendor invoices using a foreign currency. The net amount stored in the database is assumed to be in that currency. The billable gross amount will be expressed in the project currency. If your home currency is USD, you may have a vendor invoice in CAD with an expense for a project and a billable amount in EUR and another expense for a billable amount in home currency.
You should enter a default currency on a client. This currency will default to the project when you create a new project. Campaigns and retainers associated with a project must have the same currency.
You must create a Service Rate sheet set to the billing rates for the foreign currency project. Ex. If you bill JPYen 5000/hr for copywriting. You will create a service rate sheet that shows Copywriting: Rate1 = 5000. The rate sheet should be assigned as a default on the client record.
When applying payments to vendor invoices and receipts to client invoices, a Realized gain or loss is generated when the exchange rates are different on the invoice and the payment. These Realized gains and losses are also created when you apply credits or advance bills to regular invoices. Realized gains and losses are stored in the General Ledger.
Unrealized gains or losses are calculated on the open amounts due on the invoices. On the Unrealized gain/loss report, you have to confirm the current exchange rates for your foreign currencies. They will default from your currency exchange rate table and you can manually change them.
Unrealized gains/losses and Bank account reevaluations are not stored in the General Ledger but are calculated each time you run a report such as the Balance Sheet or the Corporate P&L. These reports will use the exchange rates in your currency exchange rate table. When it is possible, the list of exchange rates will be displayed on the screen and you will be able to change them.
The General Ledger tables will hold Debit and Credit both in the transaction currency and in your home currency.
Insertion Order and Broadcast Orders are NOT currently available in the Multi-Currency module.
Contractors - Currently you can link the vendor invoice to the labor transactions ONLY if the Vendor Invoice is in the same currency as the project. If the Vendor Invoice is to be paid in a different currency you cannot link the vendor invoice to the Labor Transactions. Enter the Vendor Invoice in the system and do NOT associate the invoice to the Project. The entry of the Vendor Invoice is simply to get the Vendor paid. The Project will bill the actual labor transactions.