Currencies and rates

Steps

1. Open Accounting → Currencies and rates and press Add currency. Pick the currency, and tick Take the daily rate from the feed to have its rate fetched every day.
2. Press Fetch today's rates to take today's rate of every currency now, or Add rate to type the rate of a day, such as the rate your bank gave you.
3. Use Check a conversion to see an amount in your own currency at the rate in force on a day: the latest rate on or before it.
4. On a purchase, sale, quotation, purchase order or return, pick the Currency next to the date. The rate in force on the document's day fills in and the prices move into that currency; type the prices, discount and payments in it. The bill summary shows the total in both currencies.
5. If a payment was made at another rate than the document's, type it in the payment's Rate column. The document is still settled in full, and the difference shows as Exchange gain or Exchange loss and is posted to the ledger on the payment's day (REALISED EXCHANGE GAIN or REALISED EXCHANGE LOSS against the payment's Cash or Bank account).
6. A credit or debit note can be in a currency too: pick it next to the date and type the amount in it. A note that settles a document in a foreign currency takes that document's currency and rate, so the document is paid exactly; type the rate the money really moved at in Rate paid at, and the difference is posted as exchange gain or loss.
7. At the end of a month, open Month-end revaluation on this screen and pick the day. It lists the sales and purchases in a foreign currency still open on it, at that day's rate, and the unrealised gain or loss. Post revaluation puts it in the ledger on the day and takes it back on the next day; Remove takes a posted day away.
8. A customer's Statement tab has a Currency picker once they have documents in a foreign currency: pick it to see only those documents and notes, in that currency, with the balance the customer owes in it. Print sends that statement.

Tips

• A document is saved in your own currency at its rate, so your ledger, VAT and stock stay in it; the document keeps its foreign prices, and its view and print show the foreign total and the rate. Type a different rate on the document to use the rate your bank gave you. A return is always in the currency and at the rate of what it returns.
• With ZATCA Phase 2 in Saudi Arabia, a sale, return or note in a foreign currency is reported or cleared in that currency, with SAR as the tax currency and its VAT total in SAR at the document's rate, as ZATCA asks.
• A day without its own rate uses the latest rate before it. Press a rate in the list to correct it; a corrected feed rate becomes a typed one and the feed leaves it alone.
• If the feed cannot be reached, nothing is changed and the screen says so: type the rate by hand.

In the app, press F1 or ? on this screen to open this guide next to your work.

This guide belongs to the Multi-currency module. Learn more

Related guides

• Journal vouchers
• Ledger

More guides in Finance & accounting

• Malta VAT: rates, Article 11 and invoice wording
• Receipts from the portal
• Asset register
• Depreciation runs
• Bank statements
• Bank rules
• Expenses
• Expense categories
• Debit notes (customer receipts)
• Credit notes (customer refunds)
• Capital
• Capital withdrawals
• Dividends
• Chart of accounts
• Journal postings
• Period lock
• VAT return
• Budgets
• Cost centres
• Client stores

All guides