If you are invoicing in a foreign currency, you can set the exchange rate that is being used. The exchange rate is used for the following purposes:

To provide a conversion of amounts in foreign currencies back into your agency's base currency. These values are shown on the Margin Report
For display on invoices issued in a different currency to your agency's base currency.
For converting expenses entered in a currency that is
- different from the currency in which the worker is paid
- different from the currency in which the client will be billed.

Clients With Twinfield

Clients who use our Twinfield service can benefit from automatic update of exchange rates directly from Twinfield. If your RSM InTime agency is Twinfield connected then navigate to

the System Configuration menu > Invoicing & Payments > Invoicing Options > Exchange Rate Settings and check the box to "Synchronize exchange rate from Twinfield" .

If you use this option then ignore the rest of this section.

How do I specify the exchange rate on a currency?

Above the menu bar you will see then select Exchange Rates located in Invoicing & Payments
Any exchange rates that have already been set up are listed.
To add a new rate, click Actions>Add Exchange Rate.
In the From Currency list, select the currency that the exchange is made from.
In the To Currency list, select the currency that the exchange is made to.
In the Forward Rate field, specify the rate at which the currency in the From Currency list is converted into the currency in the To Currency list.
For example, if you specified GBP in the From Currency list, and USD in the To Currency list, you would enter the number of US Dollars that equals 1 British Pound.
In the Reverse Rate field, specify the rate at which the currency in the To Currency list is converted into the currency in the From Currency list.
For example, if you specified GBP in the From Currency list, and USD in the To Currency list, you would enter the number of British Pounds that equals 1 US Dollar.
In the Effective From field, enter the date from when the rate is effective.
In the Effective To field, enter the date until which the rate is effective.
Tip: Once you have set up an exchange rate for a currency, you can modify the rate for a specific date by clicking Add Range and setting new rates with a new effective date.
Click Add.

Questions

Can you assign exchange rates to a certain period?

Yes you can enter multiple exchange rates and apply effective dates for the exchange rates. The exchange rate applied will be the rate that is effective at the time of invoicing.

Updating Exchange Rates en Masse in Twinfield

A way to update all of the currency rates in one go to save time on Twinfield via an import on file manager:

Currency.xls

Open the above spreadsheet
Populate columns A, D & E only for the currencies you want to update
Import the spreadsheet through file manager (Twinfield should automatically recognize that the file is a currency rates file):

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