For those firms working with an international clientele, BigTime billing solution has included a very powerful feature: the ability to invoice in your clients’ native currency while running reports in yours.
In the coming few posts, we are going to show you to how enable this capability, how to add a new currency and, when necessary, change the default currency you use for individual clients. Let’s take a look at a real-world example of how BigTime’s multi-currency system might come in handy:
A pharmaceutical company based in Canada works with a number of companies in Singapore, several of whom have U.S. satellites who prefer to settle contracts in US dollars (rather than in Singapore’s native currency, SGD).
Normally this would be a hassle, but with BigTime it was as simple as selecting the entity’s preferred currency in a drop down menu, and that fast all invoicing (and reporting) were set. BigTime’s system “learned” the preference, and all future jobs, projects, contracts, and costs were automatically selected for the preferred currency.
That’s how easy it is.
What you need to do to enable BigTime’s multi-currency feature.
A system administrator can set a new currency, change the home currency, or add variable currencies to client accounts. To do this, the multi-currency function must first be enabled by going to: Tools > System Settings > General Settings and selecting the multi-currency option.
Note that the system settings give you the option to choose between “BigTime/Entry Only” or “Post Currency to QB”.
The difference between the two is that the “BigTime/Entry Only” option keeps your multi-currency data in BigTime while the “Post Currency to QB” option syncs your currency data with QuickBooks.
BigTime/Entry Only: This allows the user to enter expenses and print invoices in foreign currencies, but post documents to QuickBooks in their home currency.
Post Currency to QuickBooks: If you’re using an international version of QuickBooks that supports multi-currency you can post your foreign currency expenses and invoices into QuickBooks. Otherwise, the documents posted to QuickBooks will be posted in your “home” currency.
Next time, we’ll be showing you how to add a new currency to your system. Till then, if you’d like more detail on this function, please visit https://w6.bthost.com/demo/help/default.asp.