Plans 💳 : Unlimited
User Permissions 👥: Admins, Managers
Say you help manage a team working on projects across the globe and you need to keep track of those hours and the associated billing in the local denomination - not to worry, Timely's got you covered!
With Timely's new Multiple Currencies feature Admins and Managers can monitor budgets and help reduce the headache of currency conversion on reports or invoices.
These currencies can be set for individual projects, overriding the workspace default. Previously, folks could set multiple rates per project, but they were limited to that singular workspace currency.
You can assign Multiple Currencies while creating a new project or editing an existing one like this:
Head over to the Projects Dashboard within Timely
Click the "..." menu to the far right of the project in question
Click the "Edit" button from the context menu
From the "Project Details" header uncheck the "Use workspace currency" selector
From the drop down, select the appropriate currency for this specific project
Enter in the exchange rate you'd like to apply (calculated from your default workspace currency)
Ensure the project and individual rates are set as you'd like under the "People and Hourly Rates" section
Enable or update your budgets as needed
Finally, if everything looks good, click the the blue "Update Project" button to save your selections
Once this update has been made you'll see any budgets, timesheets, invoices, or reports listed on the project page reflect that new currency:
For those using the invoicing features or QuickBook Online integration, you'll see this new currency reflected in the Invoices Dashboard when generating or syncing a new invoice:
Reporting Considerations
As your team begins working in Multiple Currencies you may notice that certain monetary totals are no longer visible or that the logged money values are absent in the Reporting Dashboard. To access these total values you will need to perform an export of your reporting template in a single currency. Simply adjust your report's filters or sections to narrow the focus as needed.
While this is a new release for us, we're already hard at work on iterating and improving, and if you'd have any thoughts and feedback please feel free to share those with us via our Feature Portal.
FAQs
Do I need to set a specific currency for each individual project?
No - if you don't choose to elect a special currency the project will reflect the default workspace currency, which can be managed in the Settings section within Timely.
The exchange rate has changed, will Timely automatically update the exchange rate accordingly?
Timely isn't able to automatically update the exchange rate to account for market changes, but if this a feature that is important to you, please let us know! In the meantime, you can always go back and edit your project through the same steps above if you'd need to make a change to the input exchange rate.
How are individual user rates affected?
If your project already has individual rates when you change the project currency, you'll need to review and adjust the individual user rates accordingly. There isn't an automatic conversion.
I'm having an issue with Quickbooks - my invoice won't sync!
If you've already invoiced an existing client using one currency, perhaps your default workspace currency was set to US$, then you will need to move this project to a different client in order to do so under the new currency. You can create a new version of that client within Timely and then move the project over as a workaround.
We are considering future improvements to make this process smoother overall, but for now, we're working within Quickbooks' functionality and sync process. Let us know if you'd have any feedback in the meantime!
I've previously locked time entries for this project, will this update retroactively change those entries?
Once you set a new currency for a project all the associated entries will display in that set currency. For previous time entries, locked or otherwise, the amount itself won't change - but will simply be converted to the equivalent in whichever new currency chosen.