How can HMS Software's TimeControl timesheet system manage multiple currencies. These screens show the sequence required to make TimeControl understand and dynamically convert multiple currencies for a single reqport
Welcome to our presentation of TimeControl, the enterprise timekeeping system for project environments. TimeControl is designed to be deployed across the entire enterprise, serving the needs of both Finance and Project Management at the same time from the same product.
Multiple Currencies In Time Control
Extend TimeControl’s cost management with multiple currency support Chris Vandersluis President, HMS Software Managing Multiple Currencies in TimeControl
Currency Conversion Services <ul><li>This TimeControl customization will require a list of currency conversions that is kept up to date. There are numerous such services </li></ul><ul><ul><li>XE Currency Datafeed http://www.xe.com/dfs/?utm_source=internal&utm_medium=TL&utm_content=NOGEO&utm_campaign=DFSUCCTL </li></ul></ul><ul><ul><li>OandA http://www.oanda.com/site/customize.shtml </li></ul></ul><ul><ul><li>Any other source of currency conversions </li></ul></ul>
TimeControl needs a simple conversion table <ul><li>This simple SQL table must be available at the time of posting timesheets (recommended) or alternately, at the time of doing a report. </li></ul>USD CAD GBP EUR 20090510 1.00 0.80910 1.4713 1.3259 20090511 1.00 0.80505 1.4702 1.3206 20090512 1.00 0.81201 1.4689 1.3102 20090513 1.00 0.80915 1.4595 1.3050 20090514 1.00 0.81105 1.4620 1.3158
How does it work? <ul><li>When timesheets are posted, TimeControl will have a “post-posting” process. </li></ul><ul><li>This SQL process will examine each timesheet line after it has been posted into the posted tables and will factor the cost of each line based on a “Currency Code” field in the Rate table. </li></ul><ul><li>This table will do calculations based on the currency conversion table to convert from the base costs to the destination rate. </li></ul><ul><li>The client must select a destination rate to use for reporting purposes </li></ul>
How does it work? LINE # DATE AMOUNT CURRENCY RATE CODE CAD 1 20090510 217.50 CAD 217.50 2 20090510 450.25 USD 364.30 3 20090510 384.40 GBP 565.57 4 20090510 400.20 EUR 530.63 5 20090511 450.25 USD 362.48 6 20090511 384.40 GBP 564.65