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Currencies

JobNext supports multi-currency operations, which is essential for construction and FM companies that operate across countries or procure materials from international suppliers. This page explains how currencies work throughout the system.

Currencies

Job Currency

Every Job in JobNext has a designated Job Currency. This is the primary currency in which all financial transactions for that job are recorded and reported. The Job Currency is set during job creation and cannot be changed after the job has any transactions.

Concept Description
Job Currency The primary currency for a specific job. All BOQ rates, estimates, and budget figures are expressed in this currency. For example, a job in India would use INR, while a job in the UAE would use AED.
Base Currency The organization's home currency, set at the tenant level. Typically INR for Indian companies. All consolidated reports are presented in the base currency.
Transaction Currency The currency used for a specific transaction (PO, invoice, etc.). This may differ from the Job Currency if you are procuring from a foreign vendor.
Most Common Scenario

For organizations operating entirely within India, the Job Currency and Base Currency will both be INR, and most transactions will also be in INR. Multi-currency features become important when dealing with international procurement or overseas projects.

Currency Handling Across Modules

Different modules handle currencies in specific ways:

CRM & Quotations

Quotations can be prepared in any currency. When creating a quote, you select the currency, and all line items use that currency. If the quote is converted to a Job, the quote currency typically becomes the Job Currency.

Projects & Estimates

BOQ items and estimates are always in the Job Currency. This ensures consistent budgeting and cost comparison at the job level.

Procurement (SCM)

Purchase orders can be created in a currency different from the Job Currency. This is common when importing materials from overseas suppliers. The system tracks both the PO currency amount and the equivalent Job Currency amount using the applicable exchange rate.

Finance

All accounting entries are recorded in the Accounting Centre's base currency. If a transaction is in a foreign currency, the system records both the foreign currency amount and the base currency equivalent. Exchange gain/loss is calculated automatically when payments are made at different rates than the original booking.

Customer Billing

Customer invoices are generated in the Job Currency (which is the contract currency with the customer). If the Job Currency differs from the organization's base currency, the invoice amount is also converted to the base currency for consolidated reporting.

Exchange Rate Management

JobNext maintains exchange rates that are used for currency conversion across all modules.

Setting Exchange Rates

  1. Navigate to Admin > System Settings > Exchange Rates.
  2. Select the currency pair (e.g., USD to INR).
  3. Enter the exchange rate and the effective date.
  4. Click Save.
Field Description
From Currency The source currency (e.g., USD)
To Currency The target currency (e.g., INR)
Rate 1 unit of From Currency equals X units of To Currency (e.g., 1 USD = 83.50 INR)
Effective Date The date from which this rate is applicable. The system uses the most recent rate on or before the transaction date.
Keep Exchange Rates Updated

Exchange rates must be maintained regularly for accurate financial reporting. If no rate is available for a transaction date, the system will use the most recent available rate, which may not reflect current market conditions. Consider establishing a process for updating rates daily or weekly.

Multi-Currency in Transactions

When creating a transaction in a foreign currency, the system handles the conversion transparently:

  1. You create a purchase order in USD for a foreign vendor.
  2. The system looks up the exchange rate for USD to the Job Currency (e.g., INR) on the PO date.
  3. Both amounts are stored: the USD amount (for the vendor) and the INR equivalent (for budgeting and cost tracking).
  4. When the material is received (MRN), the receipt records the USD and INR amounts.
  5. When payment is made, the actual payment rate may differ from the booking rate. The difference is recorded as exchange gain or loss.
Tip: Review Exchange Differences

Periodically review the exchange gain/loss report in the Finance module. Significant exchange differences may indicate that rates need to be updated more frequently or that currency hedging strategies should be considered.