Enabling Multi-currency and managing currencies

SECURITY  Security level with Admin permission to configure Finance, Accounting, & Invoicing. Refer to Admin security settings.

NAVIGATION   > Admin > Features & Settings > Finance, Accounting & Invoicing > Currencies

Once the module is installed, do the following:

1. To open the page, use the path(s) in the Security and navigation section above.

The Currencies page is now available, but no currencies are displayed.

2. Click Enable Multiple Currencies. A dialog will open.

3. Select your organization Your Autotask instance may be configured to use one of the following terms instead: Account, Business Unit, Client Company, Customer, Site.'s Internal Currency.
4. Click the Display Symbol drop-down menu and select an option. Note that you can select a blank option for your internal currency. If you select the blank option, a currency symbol is displayed for customer currencies, but not for your internal currency.
5. Accept or select a positive and negative currency display format. For options, refer to Activate customer and vendor currencies and set exchange rates.
6. Click Finish.
7. Click Yes on the message that warns you that Multi-currency can never be disabled.

The page will refresh and now display all available currencies. The Enable Multiple Currencies button will change to Change Internal Currency.

8. Activate any additional currencies that you require for your business. Refer to Activate customer and vendor currencies and set exchange rates.

NOTE  For a list of all supported currencies and all symbols that can be used to display them, refer to Supported Currencies.

9. Click Save.

IMPORTANT  Once a currency other than the internal currency has been activated, you will no longer be able to select a different internal currency, and the Change Internal Currency button will be permanently disabled. Inactivating the second currency will not re-enable the button.

To activate and make changes to a currency setting (including the internal currency):

1. On the Currencies page, click the Conversion Direction drop-down menu and select the conversion direction that makes the most sense to you.

NOTE  Exchange rate values are saved in the Default (# [Internal Currency] = 1 unit other currency conversion direction. If you select the "Inverse" conversion direction, these values will be calculated by dividing 1 by the values entered. In this case, the saved values may vary slightly from the entered values, due to rounding.

2. Hover over the context menu and select Edit.

The Edit Currency page opens.

3. Edit the following fields:

Field	Description
Display Symbol	Select the display symbol for the currency. For some currencies, more than one display symbol is available. Click the drop-down menu and select a symbol. If this currency is the internal currency, a blank option is available. The blank option is listed last. If the blank option is selected, currency indicators for that currency throughout the application will display no label.
Positive Format	Select the format you want to use for positive amounts in this currency throughout Autotask. Available options are: • $n : $53 • n$ : 53$ • $ n : $ 53 • n $ : 53 $
Negative Format	Select the format you want to use for negative amounts in this currency throughout Autotask. Note that the currency symbol is always represented by the "$" sign, regardless of which currency you are editing. Available options are: • ($n) : (€53) • -$n : -€53 • $-n : €-53 • $n- : €53- • (n$) : (53€) • -n$ : -53€ • n-$ : 53-€ • n$- : 53€- • -n $ : -53 € • -$ n : -€ 53 • n $- : 53 €- • $ n- : € 53- • $ -n : € -53 • n- $ : 53- € • ($ n) : (€ 53) • (n $) : (53 €)
Exchange Rate	Enter the exchange rate of this currency against your internal currency. You can enter up to 5 decimal places. Pay close attention to the conversion direction! NOTE  The exchange rate for your internal currency is set to 1 for the internal currency row, and cannot be edited. The exchange rate can be updated anytime. An audit trail of who changed the exchange rate and when is available in the Currency History.
Active	Select this check box to make the currency active and available in your Autotask instance. Active currencies are listed at the top of the Currencies list.

4. Click Save.

Autotask does not automatically set or update exchange rates. To keep them current, you have two options:

• You can update them manually
• You can use the Autotask API, where we have added Currency as a new entity and exposed the ExchangeRate field. Refer to Developer Help for SOAP API, REST API, ExecuteCommand API and Report Data Warehouse.

NOTE  BEST PRACTICE for customers who use exchange rates to determine prices in foreign currencies: If you do not want the ongoing hassle of setting specific prices in several foreign currencies, we recommend that you round your exchange rates up to a factor that will result in straightforward prices in all currencies. Example: Your internal currency is the Euro. 1 Pound = 1.19244 Euro. If you apply this exchange rate, prices in Pound will be hard to remember and hard to round. If you use an exchange rate of 1.25 or 1.30, not only will you factor in the costs of the currency exchange, but your foreign currency price lists will look more straightforward.

NOTE  Note that the exchange rate is also used to calculate the internal price (that is, the revenue) on quotes and invoices, and the internal cost on purchase orders. While the exchange rate constantly fluctuates and your exchange rate setting on the Currencies page is hardly ever exactly correct, deviating too much from the actual exchange rate will throw off profitability calculations.

For directions on editing the exchange rate, refer to Exchange Rate.

Exchange rates and other currency settings are very important for customer billing. For this reason, Autotask makes an audit trail of changes made to a specific currency available in the Currency History window.

To open the Currency History window:

1. On the context menu, select History.

The Currency History table opens. This table is read-only, but can be sorted in any column (except Detail) by clicking on the column header.

2. Review the following columns:

Column Name	Description
Date	Shows the date and time of the update.
Action	Shows the action that was performed. Options are: • Display Symbol changed • Exchange Rate changed • Currency changed from active to inactive • Currency changed from inactive to active • Positive Format changed • Negative Format changed
Detail	The Detail column shows changed from and changed to information.
Resource	Displays the name of the resource who initiated the update.

3. To export the table, click the Export icon.
4. Click Close.