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.
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.
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.
We want to emphasise three specific changes you’ll most likely come across:
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:
Time & Material:
Exchange rate field disappears from New invoice
Exchange rate field disappears from 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.
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
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.
Default settings for new invoices -> Currency setting disappears
All currencies related to a Legal entity will be available in that Legal entity’s currency.
Examples are:
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
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
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.
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
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.