Understanding How to Use Foreign Currency with Quotes

TrafficLIVE lets you show client-facing figures in a client's currency while retaining internal figures in your agency's base currency for accounting and reporting purposes.

When you are working with a client whose base currency is different from that of your agency's base currency, you may want to present figures on quotes to that client in their currency, while accounting for and reporting internally in your agency's base currency.

TrafficLIVE provides the following methods for working with foreign currency on quotes:

• Define a rate card that provides prices in a preferred foreign currency for the client.
• Apply a foreign currency to a quote "on the fly."

Note: For you to be able to apply foreign currency rate cards, the TrafficLIVE administrator must first create the rate cards in the Admin area.

The first method enables the TrafficLIVE admin to set up the conversion parameters in the Admin area, which are then applied automatically when you create quotes in a foreign currency. This means that the conversion rates are controlled in a single place (TrafficLIVE Admin), and are not subject to exchange fluctuation or inconsistent choices made by users applying a conversion manually to each quote. This is the recommended method for using foreign currency in TrafficLIVE.

The second method requires that you manually select the currency and exchange rate each time that you create a quote, which might lead to conflicting and inconsistent currency conversions across time, and in the system as a whole. However, if currency conversion is rare within your business, and you do not need to maintain set rates, this method can be useful because it requires no setup or maintenance.

Define a Rate Card that Provides Prices in a Foreign Currency

There are two methods by which you can accomplish this:

• Choose the correct rate card each time that you create a quote and apply it to the quote.
• Set up the client to always use the preferred foreign currency and the corresponding rate card, so that the correct information is already filled in when you create any quote for that client.

Apply a Foreign Currency to a Quote on the Fly

You can perform the conversion each time that you create a quote. You can do the conversion using the current conversion rate at the time that you create the quote—the quote is then pulled from Yahoo Finance, and that rate is applied going forward, regardless whether the rate changes or not—or you can apply a conversion rate that your TrafficLIVE administrator defined in the Admin area and stored as your agency's default conversion rate.