New currency handling
Changed currency handling logic is being rolled out to all customers during Q1 2024.
Back in September 2023, a new currency logic was implemented for all new customers and in trials. Now the time has come for existing customers on all plans.
What you need to know about currency handling logic:
- Currencies will go from being handled per project to being handled in periods.
- A new Exchange rate view will appear under Finance in the system administration
- Go to the Exchange rate view to see the exchange rate periods and the specific exchange rates.
- If you need to manually edit and update your exchange rates as well as manual periods and currencies, please talk to your TimeLog Growth Manager about TimeLogs Enterprise plan
- The Currency Settings page, located in the system administration, will be renamed Available currencies and will only be connected to available currencies in the system drop-down menus.
- Currencies related to a Legal entity will operate in their local currencies, instead of the system currency.
If you have multiple legal currencies:
- All currencies related to a Legal entity will be available in that Legal entity’s currency. Examples are:
- Employee costs are now in local currency.
- Expense types are now per legal entity.
- Allowance rates are now per legal entity.
If you're not utilising multiple currencies in TimeLog, then you don't have to change anything. The currency handling is by default a fully automated function.