In this article, you will learn how to configure Multi-Currency/Foreign Exchange (FX) Billing within Actionstep. You can also refer to the video embedded below for a quick overview of the process.
Multi-Currency Billing is the process of billing to a client in a different currency. It works by applying a currency conversion to your base currency. To be clear, it is not designed for firms that bill in foreign currencies but receipt payments in the base currency. It is designed for firms that have bank accounts in more than one currency.
To start off, you'll want to enable the feature. Navigate to:
Admin -> Accounting -> Accounting Preferences
Under the 'Currency' section, toggle the 'Multi currency banking' option to 'On' as per the screenshot above. Make sure you save this change.
Entering Currencies/Exchange Rates
Now that you've enabled this option, you should a new menu item under the Accounting Admin menu - 'Currencies & Exchange Rates'. Click on this new option.
At first, you'll only see your base currency (eg. USD). Click on 'Add currency' in the top-right corner to start adding additional currencies to the system. You'll be prompted to enter the abbreviated currency code (eg. GBP for Great British Pound), its name and corresponding symbol.
After you enter in additional currencies, you'll be able to click on the exchange rates shown on the column next to the currency names to adjust them. Click on 'add row' and choose a date from which you'd like the exchange rate to be effective. Then, simply enter in the rate and the source of the rate, and hit 'Save'.
Updating Your Accounts
Now that you've entered in new currencies and their corresponding exchange rates, you'll need to update your 'System Accounts' and your 'Accounts List'. To access your system accounts, navigate to:
Admin -> Accounting -> System Accounts
You'll find that there are now a number of 'System Account Types' that are not linked to any ledger accounts. Once you've identified which system account types need configuring, you'll need to create new ledger accounts in the 'Accounts List' for them to be mapped to. You'll also need to configure any system account that starts with 'FX Gain/Loss' to a general ledger account.
For more information on creating new accounts within the accounts list, please see this article, or refer to the video embedded above.
Once you've added the new accounts, navigate back to the System Accounts list and click on the blue text that reads '(Not configured)' and select the newly created corresponding ledger account for each required system account type.
Lastly, when you access your global billing settings via:
Admin -> Billing Settings
You'll see that there is a new section labeled 'FX Billing' - switch this toggle to 'On' - You'l need to set a default conversion rate.
Make sure to save this change. This is your default conversion rate, but you can select different ones for individual matters.
You've now completed your Multi-Currency Billing config.