The multi-currency functionality in Teamleader Focus allows you to send entire quotations/invoices in a foreign currency to your customers. Read this article to learn more on how to deal and invoice beyond your own borders and learn more on how multi-currency works.


Invoicing preferences

When creating a deal, quotation or an invoice in another currency, it all starts with setting up the invoicing preferences of your customer on company level. Imagine you always want to send invoices to a certain customer in US dollars and you want this currency to be used automatically, then you do the following:

  1. Navigate to the company in Teamleader Focus
  2. Click on the three dots next to ‘Company information’
  3. Click on Invoicing preferences
  4. Pick the right ‘Currency’
             

Do note that it’s not strictly necessary for you to set up the invoicing preferences beforehand if you want to create a deal, a quotation or an invoice in a foreign currency. You can create your document and choose a currency manually too by selecting the right one in the ‘Currency’ field: 


Creating a deal/quotation in another currency

When you’ve defined the currency of your customer in the invoicing preferences, then this currency will be chosen automatically when you create a deal or quotation for this customer.


A currency exchange rate will be shown (SCREENSHOT)


This is always from the foreign currency to your own default currency. Here you have two options: 

  • By default, the currency exchange rate from the day you create the quotation will be taken
  • You can also manually change the currency exchange rate


Quotations in another currency

  • When creating a quotation linked to an existing deal, the currency of that deal is suggested automatically for the quotation
    • If you create a quotation for a deal that has a currency that differs from the invoicing preferences of this customer, the deal currency has prio and will be taken over for the quotation.
    • You can always change the currency of the quotation though, as it's possible to choose a different currency for the quotation than the deal has. The amount/value of a deal will be calculated as follows in the background. Take a deal in USD for example:
      • If the deal and the quotation are both in USD, then a 100 dollar quotation will be a 100 dollar deal too.
      • If the deal is in USD but the quotation is in another currency, then the value of the quotation will be converted to USD to calculate the deal amount in the background.
  • When creating a quotation not linked to an existing deal, the deal that is automatically created will take over the currency of the quotation.


The following step is adding your articles to the quotation. While doing that, keep the following in mind:

  • You are creating your quotation in the foreign currency, so from the viewpoint of your customer and what he or she will see on the quotation. You’ll see the price per unit and total amount in the foreign currency.
  • We don’t automatically convert the currency (e.g. the price per unit) on deals and invoices. This means that if you add a product from your article database with a predefined price, then Teamleader Focus will put that amount on the quotation. It won’t be converted. If you want to convert your price per unit (in your default currency) to the price per unit in the foreign currency of your choosing, you’ll need to manually apply this formula to your items: price per unit divided by the currency exchange rate.
    In the following example: 1 EUR / 0,8633 = 1,158 USD.
    1 USD0.8633 EUR
    Price per unit in USD =  1,158Price per unit in EUR = 1


Other currencies will be visible in:


Creating an invoice in another currency

If you want to create an invoice in a foreign currency from scratch, the same principles as explained above for a quotation apply.


Invoicing out of a deal/quotation

It’s then very easy to convert this quotation into an invoice.

  1. Navigate to your quotation detail page and convert the quotation into an invoice, or navigate to your deal page > next to 'Follow up on your won deal', click on the plus icon > Invoice.
  2. Choose if you want to invoice the entire quotation or not
  3. As mentioned, a currency exchange rate will be shown The sync/reset button on the right allows you to take the currency exchange rate from today if this rate would differ between the quotation and the invoice
  4. Save the invoice
  5. Everything on the invoice such as the price per unit, the (sub)totals and the total incl. VAT will be shown in the currency of your choosing. On the invoice page everything will be displayed in the correct currency sign.


When navigating to your invoices overview you’ll be able to see your invoices in all the different currencies with their correct currency signs. If you want to know more about reporting and your invoicing statistics regarding multi-currency, you can read this article.


Creating a subscription in another currency

  • When creating a subscription in another currency, you can choose between a Preset or a Custom exchange rate for this subscription. Read all about Preset exchange rates in this article
  • All future invoices of this subscription will have the currency and the currency exchange rate that was selected.
  • When converting an invoice with a currency to a subscription, the currency will be prefilled in your subscription.
  • When converting a quotation with a currency to a subscription, the currency will prefilled in your subscription.
  • You can segment on the currency of a subscription, or export the currency and the exchange rate of your subscriptions.
  • Invoices created from subscriptions in the same night, for the same customer, are grouped in one PDF if they have the same currency and the same currency exchange rate. Using a Preset exchange rate is recommended here. Read more about combined invoices from subscriptions.


Bookkeeping tools

With multi-currency, there is a seamless sync from your invoices in Teamleader Focus to your bookkeeping tool (both the 1- and 2-way syncs) in your default currency. We will convert everything to your default currency using the currency exchange rate you selected.


Exchange rate

Teamleader Focus retrieves the exchange rates via Currency Layer (https://currencylayer.com). The currencies are updated every four hours. It is not possible to show the currency rate on your quotation or invoice, as this document has directly been made in a foreign currency. If you, however, use the feature of converting a quotation or invoice into a different currency, you can show the currency rate you used by adding the shortcode $CURRENCY_RATE$ to your quotation and invoice layout. You can activate this feature in Settings > Invoices > Enable currency conversion for invoices.


Multi-currency on InvoiceCloud

InvoiceCloud is a platform that allows your customers to see, download and pay their invoices online. For the latter, you need to activate the integration to allow customers to choose their preferred method of payment via the services of Mollie and Stripe. Please read the following article to know more about how to set up InvoiceCloud.


If your invoice is made in a different currency (not EUR), both the Stripe and the Mollie integration are compatible with multi-currency. Your customer will be able to pay online by credit card. The amount to pay will be converted to EUR.