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Working with Currencies

If you buy and sell in multiple currencies, this needs to be set up first.

Once added, you can then create Customers and Suppliers that trade in a specific currency.

A few things worth noting:

  • You can add as many currencies as you like
  • Each currency needs an associated exchange rate; the exchange rate is relative to your base currency
  • You can create Customer/Suppliers with a specific currency
  • Customers/Suppliers can only trade in a single currency
  • Once a Customer/Supplier currency has been set it cannot be changed
  • Items, representing your products and/or services, can be assigned prices/costs in two extra currencies in addition to the base currency
  • You can create Asset accounts, such as Bank and Credit Card accounts in multiple currencies

How to add a new Currency

  1. From the Explorer select Accounting->Multi-Currency->Currencies.
  2. Click ‘Create New‘ plus or the Green ⊕ in the Explorer.
  3. The ‘Add a new Currency‘ Document will display.

Add a new currency

Add a new currency

4. Underneath the heading: ‘Currency Selection‘ select from the dropdown the currency you wish to add.
5. Underneath the heading: ‘Exchange rate‘ enter the current exchange rate.
6. Click ‘Save‘.

NOTE:
The exchange rate is expressed in terms of the base currency. So, for example, if the base currency is Great British Pounds (GBP), and the new currency is US Dollars (USD) the exchange rate is the number of GBPs to a single USD. You can specify an exchange rate of up to six decimal places.

Update the exchange rates of your currencies on a regular basis so that transactions reflect accurate exchange rate values. See Currency Adjustments.

How to allocate Default Bank Accounts per Currency

  1. From the Explorer select Accounting->Multi-Currency->Currencies.
  2. The List of Currencies will be displayed.
  3. View the currency you want to allocate a default bank account to.
  4. Select ‘Edit’.
  5. Allocate the bank accounts by selecting from the dropdown options in ‘Payment Defaults for this Currency’. (See below)
  6. Click ‘Save‘.

NOTE:

These bank accounts must first have been set up. See Banking.

Setting Default Bank Accounts

Setting Default Bank Accounts

Exchange Rate values on Documents

If you create a Customer or Supplier with a currency other than the default currency, then all documents for that Customer/Supplier will utilize that currency.

However, the exchange rate can be modified on the Document (as shown below), by completing the ‘Exchange Rate’ field on the document.

Setting the exchange rate on a document

Setting the exchange rate on a document

Also Read About


Working with Customers
Working with Suppliers
Currency Adjustments
Working with Items
Working with Bank Accounts
Setting default bank accounts
Payment Processors