Setting your account’s default currency

ScopeStack gives you the ability to change the default currency in your account and to manage Projects in different currencies from your account default.

You can set your account’s default currency by navigating to Settings > Financial > Currencies.

On this screen: The Currencies page lists the currencies configured in your account, with columns for Currency, Format, Conversion Rate, and Default?, in that order. A checkmark identifies the default currency. Active and Archived tabs appear above the table, and + Add A Currency is in the page header. Click a row to edit it. Select rows to use bulk Delete on the Active tab or Restore on the Archived tab.

Here, you’ll see a list of the currencies active in your account. The default currency for ScopeStack is USD.

Removing a currency archives it. You can restore it from the Archived tab.

The editable attributes of currency are:

• Name: This is the name of the currency inside the platform
• Format: This updates the styling of the currency.
• Conversion Rate: This is the rate to convert between the account default currency and additional currencies. For the account default, this attribute is uneditable and is always a value of one. When you define other currencies, this is where you can update the conversion rate between the account default and that currency.
• Default?: This is where you can designate the currency you’re working with as your account’s default currency.

To change the attributes of your default currency, click the currency.

On this screen: The Edit Currency form shows Name, Format, Conversion Rate, and a Default? toggle. The Format dropdown lets you choose a currency format. Conversion Rate is disabled for the default currency and is set to 1. Its helper text reads “1.00 of the default currency is equal to ____ of this currency”. The toggle displays Default or Not default, with the note “When checked, new projects will initially be assigned this currency.” Save and Cancel appear in the header.

Once you’re ready, click Save to save changes.

Adding Additional Currencies

To add an additional currency option to your account, click + Add A Currency.

Here, you can enter the information to add a new currency.

• If you need a currency format that’s not yet available, please send us a message and we will work to assist you!
• When you define a currency’s Conversion Rate, please note that the logic is: “1.00 of the default currency is equal to ____ of this currency.”

So for example, at the time of this writing, to convert from USD to GBP:

For example, searching Google for “USD to GBP”  shows the current exchange rate (e.g., 1 USD = 0.74 GBP at the time of writing).

So for me to add GBP to my account, I would enter a Format of Pounds and a Conversion Rate of 0.74.

On this screen: The Add a Currency form with example values filled in. Name contains “British Pound,” Format shows Pounds, Conversion Rate shows “0.74,” and the Default? toggle shows Not default. The header has Save, Save and Add Another, and Cancel buttons.

Now, when I look at my account’s list of currencies, I see the following:

On this screen: The Active currencies table shows the original default currency and the newly added currency. Columns are Currency, Format, Conversion Rate, and Default?. For example, “US Dollar” has Dollars format, conversion rate 1, and a checkmark under Default?; “British Pound” has Pounds format, conversion rate 0.74, and no checkmark. Select rows to reveal bulk Delete.

Currencies in Projects

Projects are associated with specific currencies via Rate Tables. Learn more about Rate tables here.

When working within a project, all monetary values will be shown in the format of the project currency as dictated by the Rate Table.

Setting a user Preferred Currency

When a user has a preferred currency, account totals are shown to that user in that currency instead of the account default.

To set yours, open User Profile from your user menu and go to the Personal Info tab. Pick a currency under Preferred Currency and click Save. To go back to the account default, choose Use account default. An admin can set or clear it for any user from Settings > Users & Groups > Users.

On this screen: The Personal Info tab of User Profile. Below Start Page, a Preferred Currency dropdown lists Use account default followed by the account’s active currencies in alphabetical order. The dropdown only appears when the account has more than one currency to choose from.

Changing your Account’s Default Currency

To change your account’s default currency, please select the currency you want to be the default from your account’s list of currencies. Turn on the Default? toggle in the currency and click Save.

Changing your account default will update account statistics to be displayed in the new default currency. Note that after making this change, you may need to update the following:

• You will need to update the conversion rate between the other currencies in your account and your account’s new default currency.
• Any re-usable Services with Service Price and Service Cost Rates defined and Products in your account in Settings will need to have their rates updated to reflect the value of the service or product in the new default currency
• Projects will remain attached to the rate tables they were attached to before, and all service price, service cost, product price, and product cost information will remain unchanged in the Project.