In Projetex, you can assign an individual client currency to each client or prospect, and an expert currency to each freelancer, applicant or corporate expert, and still be able to see ‘the whole picture’ through your base currency. This chapter will help you understand how currencies are handled in Projetex.
First of all, let us give the definitions for the terms used in this chapter:
The Base currency is the currency in which your company makes all internal accounting records, i.e. project balance, taxes, the salaries of your corporate experts, corporate expenses and so on. In most cases, it is the currency of your country.
The Client currency is the currency in which you produce invoices for your client and receive payments from your client.
The Expert currency is the currency in which you produce purchase orders and job assignments and make payments to your experts and vendors.
Example: If your company is in the UK, your client is from USA and your freelance expert is from Japan, your base currency will be the Pound Sterling, the client currency will be the US Dollar, and the expert currency will be the Japanese Yen. |
In Projetex, you can easily produce invoices, link them with payments from clients and record them in client currencies. Projetex will automatically make parallel records in the base currency of your company.
You may issue POs and JAs, and make payments to experts in any currency, and Projetex will automatically record your POs, JAs and payments in experts' currencies.
These parallel records in your base currency enable all your internal company accounting to be done in your base currency, while still keeping the records in other currencies.
To make these parallel records possible, you only have to enter the currency rates for the currencies of your clients and experts. You may also easily change the currency rates for each recorded client job or for all future jobs.
See also: