In this day and age, you’d be hard pressed to find a company that only deals in one currency. It’s almost unheard of.
That’s why multi-currency support is at the heart of the new release of Tempo Folio 10.5 to improve cost management in JIRA. We started this journey a little earlier with our centralized exchange rates, introduced in Tempo Folio 10.3, but we wanted to do it even better.
We’re also finishing off a couple other stories we started by completely revisiting the issue cost report and improving the ability to import custom fields from one folio to another.
Let’s get into the nitty gritty.
Multi-currency support for cost management in JIRA
The star of this release is the multi-currency support on expenses. In Tempo Folio 10.3, we introduced centralized exchange rates, but we’ve taken that a step further by allowing our users to add costs in any currency to their folio. When you add a cost in a currency other than the currency for the folio, it will be automatically exchanged.
In order to do this, you first need to set up your centralized exchange rates in Tempo Folio’s global settings and add the currencies you will be using. If you’ve never used the centralized exchange rates, learn how to use them here.
Once you’ve done that, you can simply plan an expense in the planned costs section or book an expense in the actual costs section like you normally would. The only difference is you’ll need to change the currency, as you can see here:
You should then see the expense show up in the set currency for the folio, with a star next to it.
When you click on the cost and see the details in the sidebar on the right, you’ll see the amount in the original currency.
[callout class="tip"]Using the centralized exchange rates allows you to dictate exactly which exchange rate is used, instead of being pushed automatically from another source. This way you have control over the exact amount and use the exact exchange rate on the date that your staff members are paid or the date you pay invoices. [/callout]
Issue cost report revisited
The co-star of this release is the revisiting of the issue cost report. We’ve completely rethought the way we structure this report to make it easier to visualize the exact costs for each issue and slice and dice your data exactly how you like.
Here are some before and after pics:
You can see that the report is filtered by issue and there is a breakdown of each cost associated to that issue under it. Just as before, you can always filter the report by type of issue, Tempo Account, category, and custom field.
Being able to visualize all issues and their associated costs in this organized way allows you to better slice and dice your data and gain a better understanding of all costs associated to JIRA issues.
Import custom fields
Since we have a star and a co-star, the improved import custom fields feature serves as the understudy. In the last release we added the ability to import custom fields from a previous folio, but you had to import all of the custom fields from that folio.
We’ve now gone back and done a little extra work and made it possible to pick and choose exactly which fields you’d like to import into your new folio.
To add custom fields to your folio, click the folio menu in the top right of the page and choose configure. You then choose custom fields from the panel on the left.
Here you can choose if you’d like to add fields for expenses, revenue, or staff members and positions. Simply click “Import Custom Fields” in blue.
Once you’ve done that, a window will pop up giving you a list of all previously used custom fields for that category, which looks like this:
Simply tick the ones you’d like to use and click “Import”.
[callout class="user"]One great way to use custom fields is to add an extra level of organization to your positions and staff members. Many organizations also want to assign a “department” to their staff members to be able to better filter the reports. You can easily do this by adding a custom field for department in the staff members and positions category.[/callout]
We hope you enjoy the new features and discover great ways to use them.
Happy budgeting adventures, the Money Llama.
Need more information?
For more information about further improvements and bug fixes, please read the full release notes here.
Upgrading Tempo Folio is free for all customers with an active license.