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hiddentrue

 learn how and why FX rates are set and used

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Exchange rates (FX) rates can be a complicated affair. This article's goal is to help you understand where FX rates are set in Projector, when items are FX'd, and the ramifications of FX. For the uninitiated, an FX rate is used to calculate the ratio at which one currency is exchanged for another. This rate is in constant flux depending on the financial markets.

In Projector performs FX conversion only occur for expenses and are performed in only two scenarios. Before we get into those scenarios though, let'son expenses, but not on time cards or milestones. The reason is that Projector requires time rate cards and milestones to match the invoicing currency. Expenses however can be incurred in any currency. You'll see expenses FX'd in two place:

  • From incurred currency to reimbursed currency. For example, a USA resource incurs an expense in AUD and it is FX'd to USD for reimbursement.
  • From reimbursed currency to invoiced currency. For example, a GBP expense is FX'd to CAD for invoicing.

We do need to perform FX in other areas such as accounting conversions, reporting, and displaying data in Projector Web.

Specify FX Rate for Expense Entry

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In the previous example we learned that Projector does not put time through an FX calculation when invoicing, however, that doesn't mean time is never FX'd. If you run a report and ask for results in a different currency than the engagement's, then Projector will use the Currencies and FX Rates Editor to convert values.

 

FX Rates and Projector Web

When viewing data in Projector Web, you'll see options to convert monetary fields to your installation's main currency. We'll use the Currencies and FX Rates Editor to perform the conversions.