Currency - FAQs
WorkflowMax is primarily a 'work flow' software solution rather than an accounting system so it does not have the internal ability to manage more than one currency.
We do have clients who use multiple currencies who successfully use WorkflowMax, but it will depend on your particular situation.
However, because WorkflowMax is currency agnostic, it is possible to produce invoices and quotes in any currency you require. 100 in WorkflowMax can be US$100 or AU$100, it all comes down to how you choose to display it on the printed document.
Custom print templates
You can use a custom print template to print the invoice out in the currency you require (you just need to add the required currency symbols into the template). Then once the invoice moves through to your accounting system (such as the multi-currency version of Xero), you can make the adjustment to the currency there, which will handle all
Managing several currencies
To manage several different currencies there are a few possible workarounds:
- One option is to enter the numerical value of the cost item, then when it comes through to your accounting system you can simply change the currency.
The issue is that the job profitability is not going to be correct in WorkflowMax. For example you buy US$100 worth of equipment. When your receipt it in, you'll get NZ$100 as a cost to the job. The receipt pushes through to your accounting system as NZ$100. You convert it in your accounting system to be US$100, but that is not reflected back on the job in WorkflowMax. You could run additional custom reports for costs by supplier and use this data in conjunction with the rest of the reporting.
- The second option is to calculate (estimate) the equivalent value in NZ$, then when you receipt the Purchase Order enter the actual equivalent value in NZ$. Then when the invoice goes through to your accounting system you will have to manually adjust the amount and change the currency. There would be more to do, but you can then compare the figures in WorkflowMax.
- The third option is to manage each client in their own 'local' currency. Create a custom field to note the client’s currency (either at Client or Job level) then create groups of reports based on the currency.
Create custom staff rates and enter your staff members' base and billable rates equivalent in the same local currency, so all the costing per job is correct for that currency. Invoices which are exported will be correct for that client’s currency, and you can report by currency or Market/ Region rather than for all jobs.