You can track client billing, project costs, and payroll amounts in any number of currencies. Replicon includes several default currencies, but you can add additional currencies, if needed. You can also update the exchange rate of existing currencies and change your base currency.
Replicon cannot connect to an external currency system to obtain regular exchange rate updates. Therefore, we recommend that you create a process for regularly reviewing and updating exchange rates to ensure conversions are accurate on an ongoing basis.
To add a currency:
The symbol can be an actual symbol ($) or an abbreviation (DEM).
You can include exchange rates that will take effect in the future by editing rates.
All default currencies include a default exchange rate. You should confirm that the rates entered are correct for your purposes.
To edit an exchange rate:
Instead of adding a new rate, you can instead click the icon to edit the existing rate. However, we recommend adding a new rate, as this will retain a record of your rate history for the currency.
Your system's base currency should be set to the primary currency that your organization uses – typically the currency used at the main location of your organization. The base currency is used to display cost, billing, and payroll amounts throughout the Replicon interface, and in any report fields labeled with a (BC) after the field name.
To change your base currency:
Replicon will calculate the reimbursement amount using the exchange rate that was in effect for that currency at the time the expense was incurred (that is, the date the user enters in the Date Incurred column on their expense sheet).