If you have multiple legal entities that need to be charged in different currencies, you can set this up in your invoice profiles. Before continuing, do make sure to read that help article first.
1. How it works
As mentioned here. Different groups (or individuals) can have different invoice profiles assigned to them. Depending on the invoice profile assigned to a person they can:
- Be charged in a different currency
- Have different (official) company names and company addresses on their invoice when making bookings
You can set up as many invoice profiles and currencies as you like. So if you have a company based in Singapore, with a business unit in Amsterdam - you can set it up in a way that your staff in Amsterdam is charged in Euro and your staff in Singapore in Singapore Dollars. Keep in mind that there is always a default invoice profile. People that are not assigned to a specific profile will fall under that.
Example invoice profile
All the users assigned to this invoice below profile will have SG Company Pte and singapore 123 as the official business name and address on the invoice and they will be charged in SGD.
So when a booking is made, the invoice looks like this:
2. Changing the currencies in your invoice profiles
Once you've set up your invoice profiles structure in this article, you could decide to change the currencies for those invoice profiles. All you need to do:
- Go to https://app.trutrip.co/payment-billing/invoice-profile to edit your invoice profiles or create a new one.
- On the edit screen edit screen, select the payment currency you want to be billed in.
- Make sure the invoice profile is assigned to the right group (or individual)(
- Save.
That's it! All the people in this invoice proifle will now be charged in the currency you selected when making a booking.
2. Paying for bookings in different currencies
The invoice profile only applies to the booker of a trip. So if a booker makes a booking for travellers, that have a different billing currency, the booker's invoice profile currency still applies.
When a billing currency for a booker is changed, this will impact the following:
- The default currency. When searching for flights and hotels will be based on the invoice profile now
- The currency that the booking is charged in when booking
- The currency that is displayed to the approver on all approval emails and in the platform
- The currency displayed in the booker & travellers trips pages.
In general bookers won't experience not much change when their billing currencies changes (except for the above).
3. Viewing bookings in different currencies
When a company has made bookings in multiple currencies there will be impact on:
- Billing invoices. There will different invoices with different currencies in the platform
- Bookings reports. Please note that the bookings report will now include bookings in different currencies. Be sure to check the currency differences in the cost column.
- Transactions reports. Every transaction will be displayed in the respective currency that they are paid in. These currency differences will be reflected in the amount column.
- CSV files for all reports. Please note that the bookings report will now include bookings in different currencies. Be sure to check the currency differences in the "Currency" column.
4. Example
Anywhere & Co has two business units globally: one in New York (HQ) and one in Singapore. When it comes to using TruTrip, two departments will be traveling: Marketing and Procurement. The procurement department has team members in both the USA and Singapore.
Other rules:
- They have staff in both locations who often travel.
- All travel requires approval.
- Any travel booked for staff from a specific location should be charged in their respective currency (USD or SGD).
Organising the marketing department in the platform.
The marketing department consists of staff in both New York and Singapore. Martin manages all team members, and everyone needs to pay in their own currency.
The ideal way to set this up in TruTrip is to create 2 Marketing groups for each office (New York and Singapore) and then assign these 2 groups to separate invoice profiles. This way, the booker will be charged in the right currency.
- So, whenever Neil makes a booking, all the bookings he makes will be charged in USD.
- When Samantha makes a booking, she will be charged in SGD.
- If Neil makes a booking for Samantha, the currency will follow Neil's profile, so the booking will be in USD.
- If Martin makes a booking for Samantha, as he is not part of any group and not assigned to any invoice profile, the booking will use USD.
- When Samantha makes a booking for Neil, the booking will be in SGD, as Samantha is assigned to the Singapore Invoice Profile.
Organising the procurement department in the platform
Following the same example above, given that there is only one person in the SG office we can create a single group and only assign Samuel as an individual user, to the Singapore invoice profile. Mostly because he is a single exception.
So in this setup above everyone except Samuel will be paying using USD, as only Samuel is assigned to the Singapore Invoice Profile.
As the company grows and more people join, and groups become larger, it will be wise to separate the groups and assign them to invoice profiles instead of assigning them user by user.
4. Other FAQs
What will happen if I change my default currency?
When changing currencies in invoice profiles or moving someone to another invoice profile, previous bookings that have already been made won't be affected. All the information and invoices will still be using the old invoice profile and currency.
Which payment methods can I use?
All payment methods can be used for all payments. However, it's not possible to pay with a deposit account in a different currency. We always recommend creating a deposit account with the relevant currency or using a card for payment.
Can I transfer funds between deposit account currencies?
Not through the web app. But if you reach out to the support team, we'll try to help you further.
I have more than one office with the same entities, can I create more than one invoice profile with the same currency?
Certainly! The people assigned to those invoice profiles will show the address designated to their invoice profiles but they will be paying using the same currency
I'm booking for someone that uses different currencies, can I choose which currency to apply?
The invoice profile is assigned to a booker, so if a booking has multiple travelers in multiple invoice currencies, it will follow the booker invoice profile.
For example, Sam is working from the business unit in Singapore, and using a Singapore invoice profile. He booked a flight for Jordan, who is part of the business unit in the UK. The booking will be paid in Sam's currency (SGD) instead of GBP
Which currency is my subscription charged in?
Your subscription is charged based on the market code that is agreed with TruTrip when you first join, If your market code is Singapore, then you will be charged in SGD.
Which currency do I pay my creditline in?
It will depend on the creditline agreement that you made with us. Right now we have the option to pay in SGD.