Expenses: Exchange Rate & Charge Rate

[Makoss]

I have been using Time Master (iPhone & iPad) since May of this year when I started my own business to record my billable time, reimbursable expenses, and generate time & expense reports.  I really enjoy using your product.  However, I have a wish list for additional features for recording expenses:

1.   Add an EXCHANGE RATE value field.  For those of us that travel internationally, an exchange rate field would allow the receipt amount to be entered into the AMOUNT field regardless of its currency and a value entered for the exchange rate.  The default rate could be 1.0000.  The TOTAL value would be the product of the values in the QUANTITY, AMOUNT, and EXCHANGE RATE fields.  Allow the EXCHANGE RATE to be exported to the expense report.  The expense report would then include the original foreign currency receipt amount (for ease of receipt reconciliation) and the TOTAL expense value would be converted into the home country’s currency equivalent (for reimbursement).

2.   Add CHARGE RATE value field and an EXPENSE REVENUE calculated field.  Most of my contracts allow me to charge a cost-plus fee for reimbursable expenses to offset bookkeeping labor and credit card service costs.  Additionally, I must keep track of these fees as revenue.  The CHARGE RATE could be percentage value with a default of zero.  The EXPENSE REVENUE field would be product of the QUANTITY, AMOUNT, EXCHANGE RATE and CHARGE RATE values.  The TOTAL value would be product of the QUANTITY, AMOUNT, and EXCHANGE RATE fields plus the EXPENSE REVENUE field.


I have attached an Excel spreadsheet (and PDFs of same) with tabs containing each example above. 

Keep up the good work on continually improving an excellent product.

(I apologize if I posted this more than once)

[Adam]

Yes, we have had several a few requests for some more extended exchange rate functions that are currently in the optional Invoice module.  We appreciate your suggestions/feedback and will add it to our suggestions from a couple other users.  This is something that we will tackle in the future.  Thanks.