In this article, you’ll learn how to issue invoices in foreign currencies, set up exchange rates, and use automatic daily exchange rates from the European Central Bank (ECB).
How to Set Exchange Rates
Admins in Allfred can set up and manage exchange rates for multiple currencies. Follow these steps to configure exchange rates for your workspace:
Access Workspace Settings:
Click on your profile icon in the top right corner.
Choose Workspace Settings from the dropdown menu.
Navigate to the Financial Section:
In the settings menu on the left, go to the Financial section.
Scroll down to the Currencies & Exchange Rates area.
Configure Exchange Rates:
In the Currency column, select the currency for which you want to set an exchange rate.
You have two options for setting the exchange rate:
Automatic from ECB: Tick this checkbox to use daily exchange rates from the European Central Bank (ECB). The exchange rate is set automatically in the invoice based on the invoice's supply date.
Manual Exchange Rate: If you prefer to set your own fixed exchange rate, leave the ECB option unchecked and input the desired exchange rate. This manual rate will be applied when invoicing in that currency.
Managing Currencies:
Once a currency is set and used for invoicing, it cannot be deleted. However, you can always adjust the exchange rate settings if necessary.
Client-Level Exchange Rates:
If you have agreed on a specific exchange rate with a client, you can set a custom exchange rate at the client level. Navigate to the client’s profile to add this rate.
How to Issue an Invoice in a Foreign Currency
There are several situations where you may need to issue an invoice in a different currency. It could be a one-time scenario for a particular client, or it could be that a client always requires invoices in a foreign currency. Let’s look at how to handle both cases.
One-Time Scenario: Issuing an Invoice in a Foreign Currency
If you need to issue an invoice in a foreign currency just once, follow these steps:
Create a new billing address
Go to Client detail a create new billing address
you can select required currency as default
Start the Invoicing Process:
You can start the process from several places:
Project Detail: Go to the project details, then select Actions → Invoice.
Project List: Use the Actions menu (3 dots) next to the project name and select Invoice.
Finance Section: Click the Add New button.
Violet "+New" Button -> Invoice: Located in the upper right corner of the interface.
Step 1 - Enter Details:
In the first step of invoicing, input all the necessary details, including the new billing address.
Step 2 - Select Items for Invoicing:
In the second step, choose the budget items and amounts you want to include in the invoice.
Step 3 - Set Dates and Currency:
In the third step, set the necessary dates and click Generate from Budget Items.
In the top right corner, choose the currency for invoicing (the default one from billing address is prefilled)
Under the invoice summary, select one of the following exchange rate options:
ECB Exchange Rate
System Exchange Rate
Custom Exchange Rate
Client Exchange Rate
Values will be automatically recalculated based on the chosen exchange rate
Finalize and Create the Invoice:
Once you have selected the exchange rate, click Create to finalize the invoice.
If you have a role such as Project Manager, Team Leader, or Managing Director, click Submit for Invoicing.
Always Issuing Invoices in Foreign Currency for a Specific Client
For clients who always require invoices in a foreign currency, follow this process:
Client's Default Billing Currency:
Typically, for foreign clients, the billing address is already set to the required foreign currency by default. In such cases, this currency will automatically be applied when invoicing.
(you can edit the billing address in Client detail).
Start the Invoicing Process:
Similar to the one-time scenario, you can start the process from:
Project Detail: Use Actions → Invoice.
Project List: Choose Actions → Invoice.
Finance Section: Click the Add New button.
Violet "+New" Button -> Invoice: Located in the upper right corner.
Step 1 - Enter Details:
In the first step of invoicing, enter all required details, including the client’s correct billing address.
You will see that the invoice summary reflects the foreign currency automatically.
Step 2 - Select Items for Invoicing:
Select the budget items you want to invoice in the second step.
Step 3 - Set Dates and Currency:
Set the necessary dates and click Generate from Budget Items.
In the upper right corner, check that the default foreign currency is applied.
Under the invoice summary, you can select one of the following exchange rate options:
ECB Exchange Rate
System Exchange Rate
Custom Exchange Rate
Client Exchange Rate
Finalize and Create the Invoice:
Once you’ve set everything up, click Create to finalize the invoice.
If you're a Project Manager, Team Leader, or Managing Director, click Submit for Invoicing to proceed.