Hectic supports multi-currencies internally and through our Stripe and PayPal integrations to better enable a global work force. In addition to simply allowing you to invoice your clients in a different currency, there is a built in exchange rate service that allows you to view all of your financial reports and metrics in your home currency, regardless of what currency you present to your clients.
There are two configurations that are important when working in a multi-currency environment. The first is your "Home currency" that controls the primary currency for all of your reports and metrics. You can configure this under Workspace settings > My business.
The second setting is the "Presentment currency" that is configured at the client level and controls the currency that is used within proposals, invoices, and payments. All clients will default to your home currency unless you configure them otherwise. Configure this by clicking the client and then choosing edit from the overview page.
When you are working in a multi-currency environment, all of your reports will be converted using the appropriate average daily exchange rate from your clients presentment currency into your home currency. This allows you to work with clients from many different countries and currencies and maintain consistent reporting and financial visibility into your business.
When you are viewing a clients details within the CRM that has a different presentment currency than your home currency, you will have the ability to toggle the client specific metrics from presentment to home and back. This allows you to quickly see what the client is invoiced vs what you actually see deposited into your bank.
In addition to the toggle switches in the client metrics, you will also see both presentment and home currencies in your invoice list and invoice details. (Note: These exchange rate values are NOT visible to your client)
Please Note: The exchange rates calculated within Hectic may not match exactly what is deposited into your bank. Exchange rates change by the minute and Hectic uses the daily exchange rate based on the invoice sent or payment received date. The exchange rate values may differ slightly from the date that the money is deposited into your account from either Stripe or PayPal.
If you are accepting payments via Stripe and your bank account is in a different currency than you are presenting to your clients, Stripe will use their daily exchange rate to convert into your home currency before depositing your funds. You can learn more about how Stripe handles multi-currencies here.
**If you don't see your currency listed, please chat with us and we can look at getting it added.