When using OfficeMA Timesheet you can set a business-wide currency and tax rate in the Business Settings window. OfficeMA Timesheet will use the the tax rate to calculate Gross amounts in the revenue reports. The currency is used to format monetary values.
There might be a requirement for a particular project to have its own currency and tax rate. In this case OfficeMA Timesheet provides the ability to set a custom currency and tax rate per project. This is available from the Regional Settings on the project window:
Per Project Tax Rate
The tax rate set for the project will take precedence over the business wide tax rate. This is handy if the project is billed in a region with a tax rate different from the business wide rate.
Per Project Currency
When a custom currency is set for a project, OfficeMA Timesheet will consider all the monetary values set on the project (rate, budget) and its tasks to be in that currency. When generating aggregate reports for projects with mixed currency, OfficeMA Timesheet will use currency conversion* to convert all the net and gross values into the business’s main currency. Gross and net amounts are displayed in two windows in OfficeMA Timesheet:
- Dashboard Window: All revenue values in the dashboard reports are displayed in the business wide currency defined in the Business Settings window. If any of the projects use a custom currency then currency conversion* is done so that all values are in the business’s main currency.
- Timesheet Overview Window: The Timesheet Overview window uses the following two rules:
- If all the displayed values use the same currency then they are displayed in the that currency.
- If the displayed values contain a mix of currencies then all the values are converted* to the business’s main currency.
To explain the per project currency and tax rate, let’s consider an example. Consider a business with GBP as the main currency and 20% as the main tax rate. Two of the projects use custom currency and tax rate:
- Project 1: Uses CNY (Chinese Yuan Renminbi) as currency and 0% tax rate.
- Project 2: Uses EUR (Euro) as currency and 15% as tax rate.
Timesheet Overview Window
When only project 1 is viewed on the Timesheet Overview window, the project currency is used, as reflected in this screenshot:
When only project 2 is viewed, the project currency is used, as reflected in this screenshot:
When projects with a mix of currency rates are viewed, OfficeMA Timesheet uses currency conversion* to convert all the monetary values that are not in GBP (the main currency) to GBP, this is reflected in this screenshot:
In all scenarios the tax rate defined at the project level takes precedence over the one defined in the Business Settings.
The Dashboard window will show all monetary values in the business’s main currency. If any project uses a custom currency then currency conversion* to the main currency is done. This is reflected in the screenshot below:
* OfficeMA Timesheet uses open exchange rates for currency rates. When currency conversion is used the values displayed/exported are provided for informational purposes only, and do not constitute financial advice of any kind. Although every attempt is made to ensure quality, NO guarantees are given whatsoever of accuracy, validity, availability, or fitness for any purpose – please use at your own risk.