Setting up currencies

Created by Monica Madan, Modified on Fri, 17 Nov 2023 at 03:04 PM by Monica Madan

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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. 

Know more

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. 

Know more.

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. 

Know more

Project Financials page - Financials section in projects will now show the revenue and profitability in the project’s chosen currency.

Know more.

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.

Know more.

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