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3 min read

Ready to redefine project finance?

 With our newest release for advanced currency handling, we’re ready to elevate user experiences and streamline day-to-day operations for project finances. 

Ready to redefine project finance?

This update is perfect if you operate in more than one country or deal with multiple currencies. But regardless of how many currencies you handle, you’ll experience a few changes in TimeLog which we’d like to inform you about.  

Currency Handling Evolution 

TimeLog's latest release marks a change in currency handling logic. These settings were introduced for new customers and trial users in September 2023, and now the transformation is extended to all existing customers across different plans starting January 2024 

Key changes include: 

First, in brief, the changes include:  

  1. Transition to Period-Based Currency Management: A departure from handling currencies on a per-project basis to a more dynamic period-based system. 
  2. Exchange Rate View: Introduction of a Exchange Rate view under Finance in the system administration for a comprehensive understanding of exchange rate periods and specific rates. 
  3. Streamlined Currency Settings: The Currency Settings page is now named Available Currencies, exclusively linked to the available currencies in the system drop-down menus. 
  4. Legal Entity Currency Operation: Currencies related to a Legal entity will now operate in local currencies instead of the system currency, ensuring a more localized financial approach. 
  5. Automated or manual currency calculations 
    You'll be able to calculate amounts from one currency to another within a specific date range, and you determine if you want to automate the calculations or calculate them manually.  
  6. Accurate and reliable exchange rates   
    We'll support all official currencies and we get all the exchange rates from Exchangeratesapi 
  7. Exchangeratesapi updates its exchange rates every 60 seconds, which enables you to obtain real time exchange rates. 

 

The default currency handling remains fully automated for users not utilising multiple currencies in TimeLog.

However, our Enterprise plan allows manual adjustments for exchange rates, periods, and currencies for those seeking more control. 

Let’s dive deeper into the changes! 

We want to emphasise three specific changes you’ll most likely come across:  

[Change 1] - Handling of exchange rates

Before the release, the handling of exchange rates was decided per project and on each invoice (using the project exchange rate). This will disappear.

 

Fixed price:  New project Fixed price

Time & Material: 

new project TandM

Exchange rate field disappears from New invoice  

New invoice

Exchange rate field disappears from existing invoice  

Existing invoice

To illustrate, here’s a screenshot of the new Exchange rate view under finance in the system administration.  

This is where you see the exchange rate periods and the specific exchange rates.

exchange rates new page

Exchange rates will be updated every exchange rate period.
  • Per default exchange rates will be fully automated in your TimeLog system.  
  • Per default, an exchange rate period is one calendar month, and the exchange rate is copied from the last day of the previous period.  
Example: October's exchange rates will be taken from the 30th of September.  

Exchange rates are fetched from https://exchangeratesapi.io/
Click here to view all available currencies: Currencies | Exchange Rates API

 

You can get complete control

If you need to edit or control the periods or rates manually, it is only possible if you’re on the TimeLog PSA Enterprise. This feature is called manual control of exchange rates.  

With Enterprise, you can

    1. Lock periods  
    2. Create new periods
    3. Reset exchange rates  
    4. Go back to making this feature automatic again 


[Change 2] – Changes to the Currency Settings page

The system administration will rename the Currency Settings page to Available Currencies. Moving forward, you can only select available currencies from the system drop-down menu.

Currency settings is now Available currencies

 

Default settings for new invoices -> Currency setting disappears  

Default settings for new invoices

[Change 3] - If you have multiple legal entities

All currencies related to a Legal entity will be available in that Legal entity’s currency.

Examples are:  

  1. Employee hourly cost is now in the legal entity currency
  2. Mileage rates are in the employee's legal entity currency
  3. Allowance is in the employee's legal entity currency
  4. Expense types are now per legal entity 

 

For companies with Multi Legal Entity

Since your company uses more than one Legal Entity, you will also see the changes below. This is just to inform you about the changes taking place – there is no need for action on your part.  

 

Allowance rates admin page 
 

Before: The user is only able to create allowance rates for all legal entities and it is always based on the system currency 

After:  The user can create allowance rates for each legal entity, based on the legal entity currency.  

Note: We do not support allowance rates for all legal entities 

1-allowance-rates

 

2-new-allowance-rate

Mileage rates admin page 

Before: The mileage rates for all legal entities are always based on the system currency 

After: The mileage rates for each legal entity will always show as legal entity currency 

 3-mileage-rates

 

4-edit-mileage

Expense type admin page 

Before: The expense type is always available for all legal entities. 

After: The expense type can be available for all legal entities or specified legal entities. 

 5-expense-type

 

 6-new-expense-type

 

 7-expense-type-status

 

Employee cost price groups admin page 

Before: The employee cost price groups are available for all legal entities and it is always based on the system currency 

After: The employee cost price group is available for each legal entity and it is always based on the legal entity's currency 

 8-internal-cost-prices

 9-new-cost-price-group

 

More information 

Article on Multi Currency: https://timelog.com/en/blog/multi-currency-logic  

Release notes (December 2023): https://www.timelog.com/en/about/release-notes/  

Help text: https://help.timelog.com/en/system-administration/multi-currency-handling/ 

 

In conclusion, TimeLog's latest product release is a testament to our commitment to empowering businesses on a global scale.  

Whether your currency handling needs are complex or straightforward, TimeLog is here to match the complexity of your requirements, offering a seamless and efficient solution for international growth.  

Upgrade your business with TimeLog's currency handling system and experience a new era in project finance management. 

TimeLog Multiple Legal Entities

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