The Official BQE Software Blog

Multi-Currency - I'm a Travelin' Man

Only the most ancient of us (LOL) know the cultural reference and the words.

You spend hard effort establishing and building relationships with clients across the border and across the planet. Your traveling men and women work hard. In BillQuick 2012 we reduced the friction of expenses in foreign currencies. Welcome to the Global Economy!

For years BillQuick has had the ability to produce an invoice in a foreign currency. Now in 2012 expenses can be captured in any currency too. Whether you have traveling men and women or offices in different regions, the time it takes to record and manage expenses has dropped to the floor.

Jet-setting managers and professionals can record out-of-pocket expenses paid in the local currency.

To shortcut the entry process, preset the Country/Currency and update the currency multiplier (exchange rate). For example, if all (or most) expenses for a project will be incurred in a foreign country, you can preset the currency for the project.

Let's look at a common scenario. Your traveling man and woman go to London to check on a project being handled by the local office. While there they incur out-of-pocket expenses for meals and taxis. (All their other expenses are on credit cards, which automatically apply an exchange rate at the time the item is cleared.)

The travelers need to:

  • Choose the Country/Currency - British Pound.
  • The British Pound exchange rate was updated before beginning -- 0.6379.
  • Select the date, project and expense code.
  • Enter the Cost (amount spent) -- 35.5 pounds.

Now, BillQuick handles the rest:

  • BillQuick applies the exchange rate (currency multiplier) to the amount.
  • Then applies the preset markup of 10%.
  • And the Charge Amount is computed.

If you blink, you miss the whole show!

This process is even easier for offices and vendors outside your home country. You can preset the expense currency for individual employees and vendors (e.g., sub-consultants).

They simply enter their expenses in the Expense Log in their local currency. BillQuick converts each cost into your home currency.

Bottom Line

BillQuick 2012 expands support for global operations. The local currency for invoices can be set on the Client or Project screens. If needed, your default home currency (based on the Windows Region) can be changed on the Company screen. Expense currencies can be set by project, or overridden with special currencies for an employee and vendor. Finally, jet-setters are not limited to what's been preset. Expenses from a multi-country trip are not a problem. You can select the country/currency, and if needed, change the default exchange rate, while entering out-of-pocket expenses.

SPECIAL NOTE: If VAT or other taxes are involved, BillQuick can handle before-tax and after-tax amounts. Either way the tax is captured.

New features are available in all BillQuick Editions -

Basic, Pro and Enterprise.

The Author

Irfan Qazi

Irfan Qazi is V.P. of Customer and Technical Support at BQE. He joined the company 20 years ago and has been the force behind globalizing BQE's customer services. Irfan says he has been fortunate to meet thousands of professional services companies, each with a unique story. Outside of work, Irfan enjoys traveling with his family, especially camping in Yosemite National Park where he can temporarily disconnect from technology and recharge.

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