What
Set different currencies per client and define user cost rates in any currency so you can manage global work without manual conversions.
Why
  • Bill clients accurately in their local currency.
  • Streamline financial management for global teams, clients, and contractors.
  • Maintain accurate project financials across multiple currencies.
Who
  • Site owners and site admins can set the default currency and enable multi-currency on your site.
  • Standard users (with permission to manage people, roles, skills, and companies) can create client companies in active currencies once multi-currency is enabled.
When
  • When managing international clients, contractors, or teams who work in different currencies.
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On this page

Before you start

Permanent changes
Before enabling multi-currency, review these permanent changes:
  • Multi-currency cannot be disabled: Once enabled, multi-currency cannot be turned off.
  • Default site currency is locked: Your default site currency cannot be changed after activation.
  • Client currency is locked: A client's currency cannot be changed after the client is created.

How multi-currency works

Multi-currency connects your site's default currency, client currencies, project financials, and user rates.

Site-level reporting uses the default site currency. Project financials use the client currency. User rates can be stored in one currency and converted where needed using exchange rates.

Client and project finance
Default site currency → Client currency → Projects → Quotes, budgets, invoices, and profit
Your site has one default currency for site-level reporting. Each client has one currency, and project finance for that client is displayed in the client's currency.
User cost and billable rates
User rate currency → Exchange rate → Project client currency → Cost & profitability reporting
User cost rates can be stored in the user's home currency and converted to the project's client currency where needed. Billable rates can be added in active site currencies so the correct client-currency rate can be used on projects.

Common multi-currency setups

Use these examples to choose a default site currency and decide when to create clients in local currencies.
U.S.-based company with global clients
Keep USD as your default site currency. Create client companies in each client's local billing currency.
Ireland-based company with local clients
Keep EUR as your default site currency. Add clients in other currencies only if you expand into new regions.
U.S. parent company with global offices
Keep USD as your default site currency. Create separate client companies for regional offices using local currencies.

Enable multi-currency

Enable multi-currency from your site's currency settings. Before enabling it, confirm that your default site currency is correct.
  1. Click your profile icon in Teamwork.com's main navigation menu.
  2. Select Settings.
  3. Go to the Currencies tab.
  4. Review your Default site currency.
  5. If needed, select the currency you want to use as your site's default currency.
  6. Turn on Multi-currency.
    Multi-currency setting in the Currencies tab
  7. Review the multi-currency impacts.
  8. Check the I understand that this cannot be undone box.
    Multi-currency setting in the Currencies tab
  9. Click Enable multi-currency.

Manage user rate currencies

Use rate currencies to manage how user costs and billable rates are stored and applied across client currencies.
Cost rates
Store user costs in the user's home currency and convert them to the client's currency at project level where needed.
Billable rates
Keep a default billable rate in the user's client-company currency and add rates in other active currencies for client billing.

Cost rate currency

  1. Select People in Teamwork.com's main navigation menu.
  2. Scroll to the relevant user in the People tab.
  3. Scroll horizontally to the Cost Rate column.
  4. Click the user's current cost rate. A slide-out panel opens with the user's rate details.
  5. Click the Selected currency field and choose a currency.
  6. Update the user's rate value if necessary.
  7. Choose whether to apply the rate from today or from a certain date in the past.
  8. Click Save changes.
Retroactive cost rate updates
Retroactive cost rate updates can only be applied as far back as the date the user's currency was activated. If you are changing a user's currency today, you can only apply the updated currency from today.

Billable rate currency

  1. Scroll to the relevant user.
  2. Scroll horizontally to the Billable Rate column for the relevant currency. Each time a client is created with a previously unused currency, an additional billable rate column is added to the table.
  3. Hover over the billable rate field under the relevant billable rate currency.
  4. Click Add rate for the relevant currency.
  5. Enter a rate value.
  6. Press Enter or Return to save the rate.

Understanding rate conversions

Multi-currency rates determine which cost or billable rate is used when currencies differ across users, clients, and projects.
  • Cost rates: Shown in the user's home currency in rate views and converted to the client's currency where relevant. Exchange details may be available on hover.
  • Billable rates: Project-level rates in the client's currency take priority. Otherwise, site-level rates in that currency apply. If no rate exists, the value remains blank until a client-currency rate is added for the user.
  • Time log conversions: When time is logged, Teamwork.com stores the user's original cost rate and can convert that value to the project's client currency using the applicable exchange rate.
Example: A user has a cost rate of £54 and logs time on a euro-based project. Their cost rate is converted to euros using the relevant exchange rate for the time entry.
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For more information about how Teamwork.com uses market exchange rates and custom exchange rates, see the Exchange Rates article.

Client currencies

Each client has a single currency that is used for quotes, budgets, invoices, billable rates, and cost rates.

Create clients in different currencies

When adding a new client, select the currency you want to use for that client. The selected currency is locked after the client is created.
One currency per client
Each client has one currency. A client's currency cannot be changed after creation. To use a different currency for future work, create a new client in the correct currency and move future work there.
  1. Select Clients in Teamwork.com's main navigation menu.
  2. Click Add client.
  3. Fill out the client's details.
  4. In the Currency dropdown, select the appropriate currency.
  5. Complete the client setup.

Existing client considerations

Multi-currency applies to data created after activation. It does not convert existing client companies' currencies or retroactively update their financial data, such as budgets, invoices, or reports.
Recommendation
  • Move future work to new client companies in the appropriate currency as current projects conclude.
  • If a client has multiple locations, create a separate client for each location to manage local currencies cleanly.

Best practices

  • Avoid mid-project changes: Move future work to a currency-specific client when current projects finish to keep reporting clean.
  • Use templates: Create project templates per currency to keep rates and budgets consistent.
  • Review user rates: Check cost and billable rates when adding new client currencies or changing a user's cost currency.