Use multiple currencies

If your business operates in multiple currencies, the first step to set your base currency. Follow the procedure in another Guide.

Once you set your base currency, forms and reports will include the symbol for it. By default, all existing accounts and subaccounts will be denominated in the base currency. When you edit these or create new ones, you will have the option to select other currencies. You can set foreign currencies in the following tabs:

  • Bank Accounts
  • Cash Accounts
  • Expense Claims
  • Customers
  • Suppliers
  • Employees
  • Journal Entries
  • Special Accounts

Northwind Traders conducts its own business in Euros. But it has several customers operating in other currencies. It sets Euros as its base currency. Its Balance Sheet is now denominated in Euros:

To handle its British customers, Northwind Traders maintains a bank account in London denominated in pounds. When setting up this bank account in the Bank Accounts tab, it chooses a currency accordingly:

The Bank Accounts tab shows the main company checking account and the London bank account in their respective currencies:

Meanwhile, the Summary tab converts everything to the base currency according to exchange rates entered in the program so assets can be properly balanced against liabilities and equity in a single currency:

Most transactions will adopt the currency applicable to the account or subaccount they relate to. For example, when you set a foreign currency for a customer, all their invoices, credit notes and quotes will be denominated in that foreign currency.

Some tabs, such as Expense Claims or Journal Entries, allow you to specify the foreign currency on a transaction level. For example, under Expense Claims this is useful when an employee is to be reimbursed in the base currency but the expense was incurred in a foreign currency.

When the first denomination in a second currency is set, an account named Foreign exchange gains (losses) is activated automatically. Manager uses this account to record gains and losses due to fluctuations in exchange rates.

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