Employee Labor and Expense Charges and Multicurrency

All employee-related financial data is set up in the functional currency of the employee's home company, established through organization codes. An employee can work on any project, regardless of the employee’s home currency or the project currency, and Vision manages all project costing and billing issues related to using multiple currencies.

Vision uses the employee’s home functional currency to calculate the cost of hours charged to a project. Vision then uses that initial calculation as the basis for other currency calculations, including translating the transaction into the project’s billing currency.

For example, assume an employee from a Canadian company works on a project that is managed and billed in euros. When the employee charges labor to the project, the functional currency and the transaction currency of the labor charge is Canadian dollars. The Canadian dollar amount is translated into euros (the project and billing currencies) for project management and billing purposes.

Tracking Expense Charges

An employee who travels internationally can submit an expense report with line items in different currencies. For example, an employee who travels among multiple South American countries during a single business trip might submit a single expense report for the trip, with certain line items in Chilean pesos and others in Argentine pesos.

Payment for employee expenses is always made in the functional currency of the employee's home company, established through organization codes.

Overriding Exchange Rates for Expense Charges

For any line of the expense report, the employee can override the exchange rate used to convert the expense amount to the company’s functional currency.

An employee might override an exchange rate if, for example, the employee is working in a foreign country and exchanges cash one day at an exchange rate different from the published rate for that day. All of the employee’s subsequent purchases with that cash would be at a non-published exchange rate.