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XTM Academy

Define default currencies and exchange rates

Tip

The purpose is to define the default currency for which linguists are paid and to define any exchange rates for those linguists that are not paid in the default currency specified here.

All estimations generated will be in the default currency specified here.

Important

This is a mandatory step for generating estimations.

  1. From the top menu in XTM Cloud click on Configuration.

  2. From the menu bar just to the bottom click on Data.

  3. From the left-hand side menu bar that appears, click on Estimates.

  4. Just to the top of the frame that now appears, click on the Exchange Rates tab.

  5. Enter the System Billing Currency.

    Note

    This will be the currency used for all cost estimates.

  6. Enter the Financial year Start Date.

  7. Click on the Save button just below.

  8. Add Exchange Rates by following the procedure below:

    Note

    Exchange rates are used if linguists and other paid staff charge their services in currencies other than the system Billing Currency.

    Each user's default currency is specified in the User configuration screens under the General tab.Editing an existing user

    1. Click on the blue Plus sign.

    2. From the drop-down list box that appears, select the Currency that you are converting from.

    3. Just to the right enter the exchange rate.

      Tip

      If the system billing currency is USD then please go here for IRS sanctioned exchange rates.

      If the system billing currency is CDN$ then please go here for Bank of Canada exchange rates, which are always calculated as a single rate at month's end.

      If the system billing currency is in Euro then please go here for ECB Exchange rates.

    4. Click on the Save button.

    5. Repeat steps a-d for each exchange rate.

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