Managing Currencies

From Clarizen

Your organization can work with the Single Currency or Multiple Currencies.

With the multi-currency feature, your organization can manage projects that run in different countries using different foreign currencies.

For example, you can:

• Define cost and billing rates of people working in different countries in the local currency
• Define project-specific (and even work item-specific) cost and revenue currency in a currency different from the default organization currency
• Report using organization currency or foreign currencies
• Assign costs and prices of work items in foreign currencies

Enabling Multiple Currency Support

To enable support of multiple currency go to Settings>System Settings and set Enable support of Multi-currency in the Module Activation category. By default this module is not activated.

Setting Organization Currency

When you create a new organization your organization currency is set by default to USD (US Dollars) and can be changed in the Organization Settings page by choosing different currency from the drop down list of the Currency Type field.

After you enable Multi-Currencies support, but before you start defining Currency Exchange Rates for foreign currencies, you can define a different Organization Currency. You will be prompted to set Organization Currency when you enter Currencies page in the Settings subsystem.

Managing Foreign Currency Rates

Clarizen Administrator or user with Financial Permissions can define foreign currencies managed in the organization and organization-to-foreign currency exchange rates in the Settings --> Currencies page.

Foreign currency exchange rates for specific time periods need to be defined before users start using this currency in the work items performed within this specific time frame.