Use of Currency in Web TimeSheet.

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Web TimeSheet provides support for multiple currencies. Items such as expenses, payroll rates, hourly costs, and billing rates all have a currency associated with them.
USD is the default currency and acts as the base for the exchange rates of additional currencies defined in the system; however you can choose any currency to be the default. To assist with accounting tasks, reports can be configured to show data in both the original currency and the base currency.

Currencies can be defined at:
Administration > System > Currencies

When adding or editing a currency, you must specify:

  • The name of the currency
  • The symbol, to be shown with currency values. The symbol can be an actual symbol ($) and/or an abbreviation (CAD).

Utilities of Currency in Web Timesheet:

  • You can track client billing, project costs, and payroll costs and expenses in any number of currencies.
  • Web TimeSheet includes several default currencies, and you can add additional currencies, if necessary.
  • You can also update the exchange rate of existing currencies, and specify when new rates come into effect.
  • You can also change your base currency, which is the currency:

    • Typically used at the main location of your organization
    • Used in all cost calculations
    • That Web TimeSheet converts foreign currency amounts to.

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