Currency settings

Introduction

Use currency settings, if you would like to use fixed currency rates in TimeLog.

Description

As default, TimeLog uses an automatic rate exchange from https://exchangeratesapi.io when creating projects in other currencies than your default currency. But if you would like to maintain one or more currency rates yourself, you do it on this page.

Activating currencies

Use and maintenance of currency rates is activated in the Configuration section.

• The ¤ (currency) column shows the default code (abbreviation) for the different currencies.
• The Name column shows the currency’s full name.
• The Type column tells if the currency has an Automatic exchange rate update via Denmark’s national bank, or if you do a Manual update.
• The Updated column shows the date for the last update.
• The Rate column shows the current exchange rate.
• The Status column shows with a green marking, if the currency is used on projects.

Creating a new currency

Create a new currency by clicking New currency and write the Abbreviation for the currency, its full Name and the wanted Exchange rate. Click Save to add the new currency to TimeLog.

If you need to edit a currency, you either click the abbreviation, the name or the edit icon to the right of the currency. If you would like to change the rate, Set exchange rate must be set to Manual, and you will be able to correct the shown rate. Click Save to add the correction to TimeLog.

If you would like to change status for several currencies in one action, you need to check the boxes to the right of the currencies and select and action from the menu. Click OK to complete the action.

Currencies used in projects cannot be deleted, but you can deactivate them so they cannot be selected on new projects.

Changes to currency rates do not affect booked invoices, but will affect new projects and new invoices.