TimeLive allows multiple currencies for each organization. This feature is under Admin Options > Currencies.

Currencies play a very important role in Timesheet and Expense Billing. It also manages rates fluctuations for any length of time under multiple dates ranges for each currency.

By default, most commonly used currency are predefined in TimeLive,

  • Australian Dollar
  • Canadian Dollar
  • Euro
  • Japanese Yen
  • Swiss Franc
  • Pound
  • USA Dollar

But TimeLive is not limited to these only. User can add/remove any currency according to their need. By default, USA Dollar is the Base Currency and can be changed by the Administrator. Identification of Base Currency is that its conversion rate would be 1. An administrator can and should check the conversion rates and date ranges of all currencies in order to avoid any miscalculation.

Adding New Currency Type:

  1. Login TimeLive with Admin Credentials.
  2. Navigate to Admin Options and scroll to Currencies and Tax.
  1. Click Currencies icon.
  1. Click on the button +Add Currency at the top-right of the screen.
  2. Select the new currency from the Name drop-down field and the Exchange Rate in the 2nd field(as per the base currency. If you are adding the base currency then set it to 1 and change already existing currency exchange rates).
  3. Click on Add Currency to add.

Disabling Currency Type:

  1. Login TimeLive with Admin Credentials.
  2. Navigate to Admin Options and scroll to Currencies and Tax.
  3. Click Currencies.
  4. In Currency List, click on the gear icon on the right of the Currency you want to disable and click Edit Currency option.
  5. Click the Disabled labeled switch to Yes.
  6. Click Update Currency button.

Adding new Exchange Rate with the different date range in the existing Currency:

  1. Login TimeLive with Admin Credentials.
  2. Navigate to Admin Options and scroll to Currencies and Tax.
  3. Click Currencies.
  4. In Currency List, click on the gear icon on the right of the Currency you want to add exchange rate and click History option.
  5. Click on the button +Add Exchange Rate at the top-right of the screen.
  6. Fill the Exchange Rate field and select the exchange rate date range as per your requirement.
  7. Click Add Exchange Rate button.

Deleting existing Exchange Rate of a currency:

  1. Login TimeLive with Admin Credentials.
  2. Navigate to Admin Options and scroll to Currencies and Tax.
  3. Click Currencies.
  4. In Currency List, click on the gear icon on the right of the Currency you want to add exchange rate and click History option.
  5. Click on the gear icon on the right of the Exchange Rate you want to delete and select Delete option.
  6. Click Yes on the Dialog Box for confirmation.

NOTE:

There are two main issues which should always be on the check that.

  1. No Date ranges should overlap in the same currency type.
  2. During updating/managing existing rate, Administrator/Power User must enable Update all records within this range check to avoid any miscalculations.