Once setup, Streamtime will allow a job to be created using a foreign currency, using an exchange rate of your choosing or from the current 'real world' exchange rate. Expenses can be created in that foreign currency or another still. When viewing the job itself in Streamtime, the figures will be displayed in the job currency. Reporting or comparing jobs against other jobs in the list views will convert back to the 'home' currency.
NOTE - your Streamtime account must include rate card functionality to be able to work across multiple currencies. If you don't currently have rate card functionality get in touch with us...
You'll first need to setup a new rate card in the foreign currency you are wanting to use. That's easy...
Profile & Settings > Master Settings > Create > Rate Card...
Give it a name, assign a currency and decide whether the rate will take the current 'live' exchange rate or set a custom exchange rate.
Set exchange rate from fixer.io on job creation - fixer.io offers the ability to apply more accurate exchange rates at the point of job creation to give a more accurate measure of costs incurred on that job.
We check fixer.io rates at two points:
1. On rate card creation. A rate card will be created by converting the Standard rate card (plus any % increase you choose) using the current fixer.io exchange rate. That converted sell rate figure will be applied to any job items created for jobs using that rate card.
2. At job creation. Job creation will trigger a call to fixer.io and the exchange rate at that point will be applied to that job (see below image). The inverse of this exchange rate will be used to convert foreign currency job figures back to the organisations home currency. See second image below where the invoiced amount from the foreign currency job (GBP) has been converted back to the organisations home currency (NZD).
Set custom exchange rate of... - A custom exchange rate is the more common option and allows you to set the exchange rate that is used to convert the Standard rate card into your chosen currency. This rate will be applied on job creation also.
When viewing jobs using a foreign currency rate card, all the figures on the job itself will be displayed in that currency. Used $ values will convert your staff cost rates from your home currency into the job currency using the fixer.io or set exchange rate setting you have chosen.
Reporting / List Views
As mentioned, the inverse exchange rate will be used to convert foreign currency job data back to the organisations home currency to allow for reporting across all jobs in the list views.
If an expense or PO is in a third currency, the conversion will use fixer rate automatically and cannot be manually updated.
If the exchange rate is changed on the rate card it will not be applied retrospectively. The updated rate will be applied to any new jobs created after the change.