Currency exchanges contain exchange rates which are used when charges on one account are applied to another account (for instance, a child account is setup in one currency and the account's charges are invoiced to its parent account which is set to use another currency).
This Guide describes how to set an exchange rate for the Euro currency and shows the results of the exchange rate being applied.
For additional details on the fields presented on the Currency Exchange screen see the Currency Exchange screen help.
Currencies can be setup in the system immediately, there are no prerequisite configuration steps
Currency Exchanges can be setup after Currencies are configured (Currency configuration is covered in this guide)
Log into the LogiSense Billing application
Click on the Setup menu, User & Accounts and then Owners
On the Financial Setting tab the currencies setup on the owner will be displayed. If Euro is not a configured currency add it by selecting it in the Currency field, clicking the + Add button, then clicking Save on the owner screen
Select Yes on the notice that appears
Navigate to the Setup / Finance / Currency Exchange screen
If no currency exchanges are setup, click on the to add a currency exchange. Otherwise you can select the current (effective) exchange rates already setup in the list on the left
Enter the exchange rate for the Euro currency in relation to the Default currency (for example 0.85) and click Save
The Euro exchange rate will be applied when an account set to ‘Euro’ currency is billed for another account's charges, and the other account is configured in a different currency.
Once you have completed the base configuration of the system you can create accounts and test applying exchange rates.
Currency Exchange Example: A parent account set to Euro currency being billed for a child account’s transaction in USD currency
Parent Account / Settings / Billing
Euro Currency is set on the parent account.
Child Account / Settings / Billing
USD Currency is set on the child account.
Child Account / Billing / Transactions
A transaction of $20 is added to the child account and the child account is billed. The transaction is issued to invoice INV-007855 (shown in the image below).
Parent Account / Billing / Invoices
On the parent account the child account’s transaction is displayed on the Invoices and Transactions tabs. The charge in USD on the child account is displayed in the parent account’s Euro currency ($20.00 * 0.85 = €17.00).
Optional: Email Templates can be configured now or at a later time if desired. See the Dunning/Payment Overdue Email Template Example for a sample email template configuration
Optional: Invoice Templates can be configured now or at a later time if desired. See the Invoice Templates Configuration Example page for a sample configuration
Invoice Delivery settings need to be configured in order to define how an invoice is delivered and what invoice template is used. See the Invoice Delivery Configuration Example article for instructions