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.
When creating a 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:
- Navigate to the company in Teamleader Focus
- Click on the three dots next to ‘Company information’
- Click on Invoicing preferences
- 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 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 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 quotation for this customer.
A currency exchange rate will be shown.
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
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 USD 0.8633 EUR Price per unit in USD = 1,158 Price per unit in EUR = 1
- Move package or higher: You can't add the purchase prices for articles of a quotation in another currency. Margin and markup on quotations will also not be available when selecting another currency than your default currency.
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.
- 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.
- Choose if you want to invoice the entire quotation or not
- 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
- Save the invoice
- 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
It's not possible to create a subscription in another currency, but we do have a workaround: when you create your subscription, click on Show advanced options and don't activate the option 'Book Directly'.
By doing this, a draft invoice will be created. Once the draft invoice is created, you can manually change the currency following the steps in the above paragraph and then book your invoice.
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.
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.