Managing multiple currencies can be tricky for businesses. To make things easier, you can set your own exchange rates for currencies, which can then be used in your subscriptions. This article will show you how to use this feature, making the overall management of exchange rates in your account smoother.

Benefits

• Easily update subscriptions: change subscription exchange rates to exchange rates of your choice without hassle.
• Control over exchange rates: set a single exchange rate for a currency that applies across the company, making everything consistent.

Set preset exchange rates

If you have access to the Settings in Teamleader Focus, these are the steps to follow to set up preset exchange rates:

1. Go to Settings > Currency 
2. Click on the + to add a preset exchange rate:
   
3. Select the currency for which you want to set up a preset exchange rate, and define the rate.
   Notes:
   • If you click on the arrow next to the exchange rate, you can update the value to the current exchange rate that we fetch daily from an external database.
     
   • When a currency exchange rate was already added, it can’t be added anymore since you can’t add more than one exchange rate per currency.
4. Click on Confirm.

Usage for subscriptions

1. If you’ve defined a preset exchange rate for a certain currency, then this exchange rate will be prefilled from your settings when creating a subscription in this currency:
   
   • The exchange rate will be set to ‘Preset’, and you won’t be able to edit the rate.
   • You can easily change the exchange rate to ‘Custom’ if you want to set an exchange rate for this subscription individually, or if you want to click on the arrow to update it to the exchange rate of the day for this currency. 
2. If you create a subscription in a currency for which you didn’t define a preset exchange rate in your settings, then the exchange rate will be set to ‘Custom’ by default.
   • This means you won’t be able to change the type of the exchange rate to ‘Preset’ here, this will be greyed out.
     
   • This also means that the exchange rate of the day for this currency will be selected by default. You can adapt this rate manually though.

Notes

• If you update a currency exchange rate at a later point in time, this will also update the exchange rate in all the linked subscriptions (if they of course have the exchange rate ‘Preset’ instead of ‘Custom’).
  • All future invoices generated from this subscription will have this new exchange rate. 
  • This doesn’t impact or change the exchange rate from past invoices from these subscriptions.
• It’s not possible to delete an exchange rate when it’s used in a subscription.
• You can find which exchange rate is used where though by creating a segment in your subscription overview with rules like in this example for USD:
  
• Next to creating a segment based on the currency/exchange rate type, it’s also possible to export the currency/exchange rate/exchange rate type when exporting both subscriptions and deals.
• For now, this feature focuses on managing currencies for subscriptions. It’s currently not possible to manage this for deals, quotations, and invoices.

Find more information on multi-currency in Teamleader Focus in this general article.