Invoicing in Alternate Currencies

WorkGuru allows you to invoice in currencies other than your default. WorkGuru uses the exchange rate to convert your default currency to the foreign currency when invoice. When transacting in alternate currencies, all the reporting in WorkGuru will be displayed in your default currency.

• Enabling and Automating Invoicing in other Currencies
  • Currency Setup
  • Client Setup
  • Product Setup
• Applying Alternate Currencies on Quotes and Projects
• Invoicing in Alternate Currencies

Enabling and Automating Invoicing in other Currencies

Currency Setup

From the WorkGuru menu go to Accounting -> Settings. The currency settings are at the bottom of the accounting settings page

Set the following currency fields:

• Default Currency - Default currency in WorkGuru. Must match the currency your integrated accounting system is defaulted to also. The default currency need to match the ISO 4217 Currency Codes.
• Alternate Currencies - Enter the currency codes you purchase in separated by line. The codes need to match the ISO 4217 Currency Codes.
• Do you sell in Foreign Currencies - When currency is enabled, by default it is only available for purchasing. Ensure that this field is set to Yes to enable the currency function on quotes, projects and invoices.

Click Save to update the currency settings.

Client Setup

Clients can be setup to automatically default to their preferred currency. This enables less double-entry when adding the client to the quote/project.

• Price Tier - Assigned price tier. All pricing in this tier should be in the relevant currency.
• Currency - Default invoice currency.
• Client Tax Rate - Accounting tax rates, usually set to a tax free code for overseas or alternate currency clients.

Product Setup

For the products that are purchased and sold in an alternate currency, it is important that the product's pricing is saved in the currency you are transacting in. This means that the cost price and the sell price on a product may be in two separate currencies. (eg Buy in USD, Sell in AUD).  If you buy and sell a product in multiple currencies, set the default pricing in the currency you use the most and use WorkGuru's price tier functionality to save any alternate pricing. Clients can then be assigned to a specific tier to default their pricing to a specific currency.

Applying Alternate Currencies on Quotes and Projects

With alternate currencies enabled and the sell optioned enabled, WorkGuru will display the Currency/Exchange Rate fields on new quotes and projects.

Select the currency required for the purchase order. WorkGuru will get the current exchange rate from the European Central Bank, or you can override the rate with your own.

When entering line items, ensure that the unit cost's values are entered in the selected currency (not your default). The quote/project detail page will display the order's currency for reference. It will also display the AUD conversion for reference.

Quoted currency settings and values will automatically apply to the project created once accepted. Note: Multi-currency invoicing is currently not supported for stock sales.

Invoicing in Alternate Currencies

From the project you invoice as per normal invoicing workflow.  If you need to update the currency/rates, ensure you edit the project before raising the invoice. Once the invoice is raised, it will display the currency details and AUD estimate in the detail page.