Currency conversion

What is Currency Conversion?

Currency Conversion allows you to work with scopes in different currencies and convert them as needed. For example, you can create a scope in GBP and then view or export it in USD, with all prices automatically converted using the latest exchange rates.

This feature is especially useful when working with international clients, managing projects across different regions, or preparing proposals in your client's preferred currency.

How Currency Conversion Works

The system uses exchange rates that are set up and maintained by your administrators. These rates are updated as needed to reflect current market conditions, and every change is tracked so you always know which rate is being applied.

Before You Start

Currency Conversion must be enabled at the application level. If you don't see currency conversion options in your scopes, contact your system administrator to enable this feature.

For Administrators: Setting Up Exchange Rates

Step 1: Navigate to Exchange Rates

1. Click on "Manage" in the top navigation menu
2. Select the "Data" tab
3. Click on "Exchange Rates" in the left sidebar

Step 2: Add a New Exchange Rate

1. Click the "+ Add Exchange Rate" button (orange button in the top right)
2. In the popup window, select:
   • Base currency: The currency you're converting from (e.g., GBP)
   • Convert to currency: The currency you're converting to (e.g., USD)
3. Enter the Exchange rate: How many units of the target currency equal 1 unit of the base currency (e.g., 1.35 means 1 GBP = 1.35 USD)
4. Click "Save"

Step 3: Update Exchange Rates

Exchange rates change over time, so you'll need to keep them current:

1. Go to the Exchange Rates page
2. Find the rate you want to update
3. Click the edit icon next to the rate
4. Enter the new exchange rate
5. Click "Save"

All updates are recorded with timestamps and user information, so you have a complete history of rate changes.

For Users: Converting Your Scope Currency

Viewing Your Scope in a Different Currency

On the Scope Overview page, you can switch between available currencies on the fly:

1. Open your scope
2. Look for the "Display Currency" dropdown in the top right area of the page
3. Click the dropdown and select your preferred currency (e.g., switch from GBP to USD)
4. All prices in your scope will instantly update to reflect the selected currency

Important: You can only convert to currencies that have exchange rates set up by your administrators. If you don't see a currency in the dropdown, ask your admin to add that exchange rate.

What Gets Converted?

When you change the display currency, the system converts:

• Component prices
• Deliverable totals
• Task costs
• Overall scope totals
• Any other monetary values in your scope

The conversion uses the most recent exchange rate set by your administrators.

Exporting Scopes with Currency Conversion

When you export your scope as a Word document or PDF:

1. First, select your desired currency using the "Display Currency" dropdown on the Scope Overview page
2. Then proceed with your export as usual (Word or PDF)
3. The exported document will show all prices in the currency you selected
4. The exchange rate applied will be the latest rate set up by your administrators

The system automatically applies the conversion—you don't need to do anything extra beyond selecting your preferred display currency before exporting.

Working with Components in Different Currencies

Adding Components with Different Original Currencies

You can add custom components to your scope even if they were originally priced in a different currency than your scope:

1. When creating a custom component, you'll see an "Original Currency" field
2. Select the currency that the component is priced in (e.g., USD)
3. Enter the cost and price in that currency
4. Click "Save"

When you add this component to a deliverable in a scope that uses a different currency (e.g., GBP), the system will automatically convert the component's price to match your scope's currency.

Example:

• You create a photography component priced at $2,500 USD
• You add it to a scope that's in GBP
• The system automatically converts $2,500 to £1,852 (using the current exchange rate)

Understanding Exchange Rates

How to Read Exchange Rates

Exchange rates show how much of one currency equals one unit of another currency:

• GBP to USD at 1.35 means: £1 = $1.35
• USD to GBP at 0.74 means: $1 = £0.74

Exchange Rate Updates

When administrators update an exchange rate:

• The new rate applies immediately to all currency conversions
• Historical data isn't changed—only new conversions use the updated rate
• Each rate change is logged with the date and person who made the update

Tips for Using Currency Conversion

Check Rates Regularly: If you're working on international projects, check with your admin about how frequently exchange rates are updated.

Select Currency Before Exporting: Always choose your display currency on the Scope Overview page before generating exports to ensure your documents show the correct currency.

Mix and Match Components: Don't worry about component currencies when building scopes—the system handles conversions automatically.

Consistent Base Currency: Consider setting one currency as your company's base currency for consistency across all scopes.

Review Converted Totals: After converting currency, review your totals to ensure they look reasonable based on current exchange rates.

Need Help?

For users: If you need to work with a currency that isn't available in the dropdown, contact your administrator to have that exchange rate added.

For administrators: If you need assistance setting up or managing exchange rates, contact your support team.

Common Questions

Q: Can I convert between any two currencies?
A: You can only convert to currencies that have been set up by your administrators in the Exchange Rates section.

Q: What happens if an exchange rate changes after I create a scope?
A: The scope will use whatever rate is current at the time you view or export it. Previous exports won't change.

Q: Can I set up custom exchange rates for specific clients?
A: No, exchange rates are set at the application level and apply to all scopes. All users share the same rates.

Q: Do I need to manually convert component prices?
A: No, the system automatically handles all conversions when you add components or change display currencies.