In today's globalized world, businesses actively engage with international clients and partners, requiring seamless handling of multiple currencies. Load Manager TMS empowers users to manage transactions in various currencies effortlessly. This article guides you through enabling this feature, assigning currencies to customers and carriers, creating loads with foreign currency, and understanding how currencies appear on documents.
Activating Foreign Currency
To start using foreign currency in Load Manager:
Navigate to "Settings" and click "Configuration Options."
Locate the "Foreign Currency" section.
Check off the box next to "Activate Foreign Currency".
By default, only US Dollar (USD) and Canadian Dollar (CAD) are available. For additional currencies like Mexican Peso or Euro, contact the support team to have them added. After enabling the feature and selecting the allowed currencies (e.g., USD, CAD, or both), save the changes.
Setting Default Currencies
Setting default currencies for customers and carriers ensures that the system automatically uses the appropriate currency when creating loads.
For Customers
Open the customer's profile.
Find the "Currency" dropdown menu under "Customer Information," directly below "Assigned Office*."
Select the desired currency.
For Carriers
Go to the carrier's profile.
Find the "Default Currency" dropdown menu under "Carrier Information," directly below "Preferred Contact Method."
Choose the appropriate currency.
If you have not set a currency for customers or carriers, the system will your default from the settings at the load level, and users can manually select the currency when creating a load.
After setting the currencies, save and exit the profiles.
Creating a Load with Foreign Currency
To create a load with foreign currency:
Go to the "My Loads" section and select "Add Load."
Under "Bill To," choose a customer.
If the customer has a default currency, it will be displayed.
If not, the system uses the default currency.
Under "Carrier," add a carrier.
If the carrier has an assigned currency, it will appear.
Otherwise, the system default is used.
Users can manually change the currency for the customer or carrier when creating the load if needed. Save the load to apply the changes.
Rate Confirmation and Currency Display
When generating documents:
Customer Documents: All customer-facing documents display amounts in the customer's currency notation.
Carrier Documents: Carrier-facing documents display amounts in the carrier's currency notation.
Important Note when entering rates:
The customer rate should be entered in the customer's currency.
The carrier rate should be entered in the carrier's currency.
Load Manager does not convert currencies automatically. The amount entered is tied directly to the selected currency (e.g., 1,200 CAD is treated as 1,200 CAD, not converted to USD).
Final Notes
Disabling Foreign Currency: If foreign currency is disabled in the configuration, no currency options will appear when creating a load.
Ensure that the correct currencies are selected for customers and carriers to avoid discrepancies in transactions.
Conclusion
Activating and properly configuring foreign currency in Load Manager is essential for businesses operating internationally. By following the steps outlined in this article, users can efficiently manage transactions in multiple currencies, ensuring accuracy and clarity in financial dealings with customers and carriers.
