If you have a multi-currency operation, your System Administrator will specify the currencies to be used and the current exchange rates. One currency is nominated as the system currency.
All timesheet amounts are recorded in the currencies for the cost and charge rates that are used — this is referred to as the local currency. All expense amounts are recorded in the local currency selected for the expense. When timesheet and expense entries are saved, cost and charge amounts are converted to the system currency and these amounts are stored separately. This means that values can always be seen in either the local or system currency.