If you send a lot of invoices or quotations outside of your borders, you might have had to deal with foreign currencies. To make sure your exotic customer understands what you are sending him, you can convert the total amount of the invoice or quotation to his own currency.
Note: the conversion only applies to the total amount. Separate product lines will not be converted, these will always appear in the original currency.
How does it work?
1. You first need to activate the multi-currency option in the settings. This is turned off by default, because not everyone will want to use this feature. To activate it, navigate to Settings > Invoices and activate ‘Enable currency conversion for invoices’.
The conversion applies to every part of Teamleader where there’s money involved: deals, invoices and credit notes:
2. If you create a quotation, you’ll find a new option beneath the ‘Actions’ stating ‘Convert the currency’. For invoices, you’ll find this next to ‘Info’ below the arrow on an invoice detail page. Only booked invoices can be converted.
When choosing this option, you’ll get the following screen:
Here you get to choose to which currency you want to convert the invoice or quotation. You also get the current rate of exchange, as well as a real-time calculation of your total amount including and excluding VAT.
3. Click ‘Convert’ to switch the invoice or quotation to the preferred currency. You’ll get two PDF versions in the ‘Files’ tab. One of them is your original version, the other the converted one - recognizable by the abbreviation of the used currency in the title.
4. If you choose to send your invoice or quotation, your customer will always receive the converted one. The conversion will look like this on your final document:
To make your life a little easier, you can set the desired currency per company. Do this by choosing ‘Invoicing preferences’ at the company info. Once you have set the default currency here, deals and invoices will be converted automatically to this currency.
Teamleader retrieves the exchange rates via Currency Layer (https://currencylayer.com). The currencies are updated every four hours. You can notify your customer of the currency rate you used by adding the shortcode $CURRENCY RATE$ to your quotation and invoice layout.