Currencies are created and managed via the itris Management Utility (IMU) Data area.
itris allows you to have and use multiple currencies.
itris has a Master currency and the ability to list several currencies. Each of these currencies can have conversion rates applied based on its conversion to the Master currency. The master currency is set when itris is installed, and this can only be set once.
Additionally, you can have a Default currency, which will be inherited by all users (though they can change this in their own itris preferences). The default currency is simply the currency that is assigned to all areas where a rate or charge is required. This can be changed anytime and does not have to be the same as the Master currency.
The Master and Default Currencies will then work as show in this example:
Your head office and most of your users are in London, and you also have offices overseas (New York, Tokyo). However, you wish for all financial calculations to be made against USD. Therefore, the Master Currency is set to USD (and conversion rates added for other currencies against this: USD:GBP, USD:JPY etc). Your Default Currency is set to GBP. Any money generated in GBP or JPY etc. will be converted into USD to estimate a single revenue value in all relevant reports.
When creating new currencies, you will need to name it and add in the Code, Symbol and Rate (conversion rate against Master Currency). These can all be found with an internet search.
Adding a flag is optional. If you do add a flag, please note they are in alphabetical order by currency code.
Under the Data area is where you can set the default currency. The default currency is simply the currency that is assigned to all areas where a rate or charge is required. This can be changed and does not have to be the same as the master currency.
The currencies will need to have their conversation rates updated manually as frequently as is appropriate for your organisation to most accurately calculate financial reports. itris will keep an audit trail of the changes.
The currency conversion calculations for interval charge placements will be based on the conversion rate for each day that is worked throughout the placement (based on rates and shifts added to the placement). Therefore, depending on how often the conversion rates are updated, the profit may differ each day. For fixed-fee placements, the currency conversion rate will be based on the applicable rate on the day the placement was created.