How to manage currencies in VOGSY

Internationally operating services companies deal with different currencies across their global organization.

• Multi-currency projects,

• Reporting, tracking, and monitoring opportunities and projects in different currencies.

• Intercompany transactions.

• Invoicing and purchases (AR/AP) in different currencies.

• Employees' cost rates in the currency of the countries where they are based.

And, of course, top management expects revenue and margin reporting in the currency of the top holding.

VOGSY makes it easy to perform all these tasks in the required currency.

All reporting in VOGSY, whether in spreadsheets, datasets, or charts, shows revenue, costs, and margins in the system's base currency alongside local currencies.

To set the base currency, go to the back office function for Companies/Departments. You can set it at the top level (holding) company.

In that same function, Companies/Departments, you set the currency for all the subsidiary companies in VOGSY.

After selecting the company, you can fill in the currency for the company and the underlying departments.

All opportunities and projects created for this company or one of the underlying departments are automatically managed in this company's currency.

All project reporting is available in the local project currency. The project card shows project revenue, costs, and margin in local currency.

Customers can ask you to invoice them in a specific currency. You can indicate the currency in which you will invoice the customer in the project record.

The employee's cost rate, intercompany cost rate, and sales rate are in the currency of that employee's department.

You must update the employee rates when an employee switches to another department using a different currency.

Expenses that your employees incur can be associated with a project and invoiced to the client.

Expenses may be reimbursed in the employee's contract currency and invoiced to the client in the project currency.

You can do this even if your company currency is different from either of these two.

VOGSY makes international services operations easy.

Set up the currencies and manage them in VOGSY´s back office function, Currencies.

This is also the place where you keep exchange rates up to date. To help you with this, VOGSY connects to the exchange rate service Fixer.