Exchange Rates

Here, you’ll learn how to use and manage multiple currencies in TMetric when providing outsourcing services, working with international teams, and paying contractors in different countries. You’ll also learn how to set exchange rates for currency conversion, view exchange rate history, and reset a manually set rate to its automatic value.

Note: This option is available to a workspace owner or an admin with extended permissions on the Business plan.

In TMetric, you can use different currencies across your workspace, projects, and invoices. The base workspace currency is used to store member cost rates, set the default billable rate, and perform most financial calculations in reports, while projects and invoices can use different currencies.

Multi-currency support allows you to convert all amounts to the workspace's base currency for accurate financial reporting. To ensure accurate currency conversion, view or set exchange rates on the Exchange Rates page, which you can open from the sidebar.

At the top of the page, you can see the last update time for exchange rates. The Base Currency value represents the workspace currency that all other currencies are converted into using exchange rates.

Currency Table

The table below lists the currencies used in the workspace in alphabetical order, along with their exchange rates for the selected period. You can filter the data by date and currency. 

An exchange rate in the table may be marked with an Anomaly or Manual label:

• The Anomaly label appears when a rate changes sharply due to actual market fluctuations, such as those caused by geopolitical events.

• The Manual label appears when the rate is set manually.

Rate Actions

The Actions menu next to any exchange rate allows you to edit it, view its history, or reset it to the automatic rate provided by the rate provider if it was previously set manually.

Edit Exchange Rate

When the automatically provided rate does not reflect the rate you want to use for currency conversions, you can easily change it. To do this:

1.  Go to the Exchange Rates page and find the currency rate you want to change in the list.

2. Click the Actions menu next to the rate and select Edit Rate. 

3. In the Edit Exchange Rate dialog, click the Edit button (pencil icon) next to the rate. 

4. Make the necessary changes.

Add Rate Manually

In the Edit Exchange Rate dialog, you can also set a rate manually if the bank-provided rate doesn’t meet your needs.

To add an exchange rate manually

1. Click the Add manually button.

2. Fill in the Exchange rate, Start date and End date fields.

3. Click the checkmark icon to save.

Revert Rate to Auto

You can easily restore the central bank rate by selecting Revert to auto from the Actions menu next to the manually set exchange rate. Before you revert it, the exchange rate will have a Manual label next to it.

View Rate History

You can easily track rate modifications by using the View History option. To do this:

1. Click the Actions menu for the rate you need on the Exchange Rates page.

2. Select View History from the dropdown list.

3. In the dialog that opens, you will see all events that have occurred for the exchange rate.

Rate events include:

• Rate added

• Rate edited

• Rate deleted

• Reverted to auto

• Rate updated

For each event, you can see who changed the rate, when the change occurred, which dates it applies to, and how the value was changed. You can also filter the data by type or use the search function to find the exact data you need.