In BillQuick, you are allowed to create Expense Log entries in multiple currencies. To do so, you have to set the currency multipliers first and then enter expenses. At the beginning of the month or another set period, the billing manager or supervisor needs to review the currency conversion rates in BillQuick and adjust them accordingly.
1. Go to the Settings menu > Currency Manager.
2. Use the Current Multiplier field to enter the conversion rate. E.g., 1 USD = 0.65 GBP. You can get the latest values from the web by clicking the hyperlink on top-right.
3. Enter a character to denote the decimal currency value, say (.).
4. Enter a separator character, e.g., (,) to display 10 thousand dollars as $10,000.
5. Next, set the Expense Currency at the project level, say, to British Pound (GBP).
6. Set the Home Currency at the Company level to, say US Dollars (USD) with a Current Multiplier of 1.
After it is set up, you can enter the foreign expenses in the Expense Log screen. Make sure the ‘Country (Currency)’ column is displayed. If not, use the field chooser to display it. You must select the foreign currency (say British Pound) in this field.
For the expense entry, enter the Cost in the foreign currency, say £40. BillQuick will convert this cost to your home currency in the Amount column, e.g., $61.54. This is based on the conversion rate set above. When you create an invoice, the converted amount is displayed.