Rocketlane’s multi currency feature lets you manage your projects across multiple geographies and get accurate financial insights in any currency you use in your projects.
In this article
With multi currency you can:
Establish a company-wide currency and track the revenue and profitability of your company
Easily manage exchange rates
Create rate cards in multiple currencies and bill customers in their local currencies.
Set up cost rates in currencies specific to your employees’ location
Setup company currency
Company currency - The currency your company uses to manage portfolio and report on the financial performance. You can have only one company currency for your business.
To add new currency
Login as an admin and navigate to your avatar
Select Settings
Scroll down to the Operations and financials section
Select Currencies
Click the New Currency button
Select the currency from the subsequent dropdown. Eg: (Euro - EUR)
Determine the exchange rate, which reflects how much one unit of foreign currency is equivalent to your company currency. Example: You can define 1 Euro (foreign currency) equal to 1.07 USD (your company currency)
After setting up the currency, enable it by toggling it on
To set up company currency
Click on the three dots next to the currency for more actions
Set as company currency.
View currency history
To track changes made to exchange rates over time, simply click on the three dots for more actions next to the relevant currencies and access the 'View History' option to review the chronological timeline of edits.
Current exchange rate - The latest updated exchange rate.
Effective from date - The date from when this exchange rate takes effect
Updated by - The team member who updated the exchange rate
Audit logs
Offers a comprehensive record of all modifications to exchange rates, granting insight into the individuals responsible for each specific change.
Edit currency
To edit currency exchange rates,
Click on the three dots next to the currency for more actions
Click edit
Make changes to the exchange rate
Choose the option to change the exchange rate for future currencies or backdate it to the date from when the currency was created.
Features that use currencies
Rate cards - When creating rate cards for your services, you can select the currencies you want to use. You then set bill rates for all the different roles in these currencies.
Cost rates - If you have employed people from different countries, you can add the individual’s country currencies to manage the cost rate of team members.
Project creation - When creating a new project, you can choose the currency for that project. This ensures that project-related financial data, like costs and revenue, is displayed in the project's chosen currency.
Project Financials page - Financials section in projects will now show the revenue and profitability in the project’s chosen currency.
Portfolio Reporting - In the portfolio report, Rocketlane uses the exchange rates you've set to convert data from different projects into your company's currency.