Setting up currencies

You can track client billing and project cost amounts in any number of currencies. Polaris includes several default currencies, but you can add additional currencies, if needed. You can also update the exchange rate of existing currencies and change your base currency.

Polaris cannot connect to an external currency system to obtain regular exchange rate updates. Therefore, we recommend that you create a process for regularly reviewing and updating exchange rates to ensure conversions are accurate on an ongoing basis.

Adding a currency

To add a currency:

Go to Administration > Expenses > Currencies.
Click Add Currency.
Give the currency a name and a symbol.

The symbol can be an actual symbol ($) or an abbreviation (DEM).

Enter the rate of exchange between the new currency and your base currency.

You can include exchange rates that will take effect in the future by editing rates.

Click Save.

Editing an exchange rate

All default currencies include a default exchange rate. You should confirm that the rates entered are correct for your purposes.

To edit an exchange rate:

Go to Administration > Expenses > Currencies.
Click the name of the currency whose rate you want to change.
Click the icon located next to the current rate.

Select Add to add a new rate.

Instead of adding a new rate, you can instead click the icon to edit the existing rate. However, we recommend adding a new rate, as this will retain a record of your rate history for the currency.

Enter the new rate, and enter the date when that rate will take effect.

Click Save.

Changing your base currency

Your system's base currency should be set to the primary currency that your organization uses – typically the currency used at the main location of your organization. The base currency is used to display cost and billing amounts throughout the Polaris interface, and in any report fields labeled with a (BC) after the field name.

To change your base currency:

Go to Administration > Company > Currencies.
Click the link for the current base currency.

Select a new currency.

Click Save.

FAQs

If expenses are incurred in one currency, but will be reimbursed in a different currency, what exchange rate applies?

Polaris will calculate the reimbursement amount using the exchange rate that was in effect for that currency at the time the expense was incurred (that is, the date the user enters in the Date Incurred column on their expense sheet).

Help Administrators