Currency

Administration of currency and exchange rates

Milient Time Flow handles different currencies. The system always has a default currency pecified when the system is set up, normally Swedish kronor (SEK). It is possible to select other currencies on the customer and on the price list. To activate the currency functions, a configuration is required to be turned on - contact Milient Software support department for help with this, it is free of charge and included in your agreement.

Selection of currencies and management of exchange rates is done on the tab Administration - Settings - Currency.

The exchange rate indicated here appears as a suggestion wherever it appears in the system, i.e.

• When registering expenses

• When creating project reports in the invocing module.

Registration of expenses

When registering expenses, the user can choose from the currencies stored in the system. The system suggests the exchange rate stored in the system, but the user has the option of changing the exchange rate for the individual expense registration.

The expense report presents information on the currency sinelected at the time of expense registration and the exchange rate specified. The amounts in the expense report are given in the system standard currency (SEK).

Currency of Customer

The exchange rate is editable when registering expenses and when creating project reports and the change only applies to the particular expense or project report created. In the customer card, it is possible to select the currency of the customer, which means that all invoices to this customer are created in this currency.

Screen shot from part of the customer card where you select currency of the customer.

Currency in pricelist

When creating a pricelist on the tab Administration - Project - Price list, you can select the currency of the pricing. The currency selected in the pricelist will be used when project report (in the invoicing module) is created for the projects using the current pricelist. The project pricelist is given the currency specified in the basic pricelist to which the project pricelist is linked or “copied” from (local project price list). You can change the currency of the project pricelist if it is a local project pricelist.

Currency in Invoicing Module

Basic rules:

• The project report is always created in the currency specified in the price list.

• The invoice is always created in the currency specified on the customer (can be changed on the project report on the tab Project Report.

• All follow-up is always made in the system standard currency SEK (e.g. summaries of what has been invoiced in a project).

When project documentation is created, the currency specified in the pricelist and for the customer is proposed. The project report is always created in the currency selected on the pricelist. It is possible to print the project report in the customer's currency (in cases where the customer has a different currency than the one selected in the pricelist and you have chosen to show the price on the project report). Click on the PDF symbol directly after the customer's details in the project document header.

The invoice created from the project report will have the currency selected from the customer connected to the project. Example: Project where the pricelist is EUR and the customer linked to the project has the currency SEK. If you do not actively choose another currency when creating the project report, the invoice will be in SEK. The rows in the invoice are calculated at the price stated in the pricelist and at the currency rate stated in the project report.

All summaries of invoiced amounts etc. can be found e.g. on the tab Accounting or under the information button in the invoicing module are presented in the default currency (SEK).