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Base Currency

The Base Currency feature in Manager.io allows you to set the primary currency for your business, ensuring all your financial records and statements are represented uniformly. Below is the complete guide on configuring and managing the base currency for your business.

Setting Base Currency

The Base Currency setting defines your business's default or home currency.

To access the Base Currency form:

  1. Navigate to the Settings tab.
  2. Select Currencies.
  3. Click Base Currency.

Settings
Currencies

The Base Currency form contains the following fields:

Code

Enter the short currency code. Examples are:

  • USD (for the US Dollar)
  • EUR (for Euro)

The currency code helps quickly identify currencies when setting exchange rates.

Name

Enter the full name of the currency, for example:

  • US Dollar
  • Euro

The currency name makes selecting the currency easier from dropdown menus.

Symbol

Enter the currency symbol, such as:

  • $ (for US Dollar)
  • € (for Euro)

The symbol will appear alongside currency amounts.

Decimal Places

Enter the number of decimal places your currency uses (common default is 2).

Changing Your Base Currency

While rare, changing your business's base currency might become necessary. The following detailed steps must be carefully completed to ensure accurate financial data during this transition:

Step 1: Update Base Currency form

  • Go to the Settings tab → Currencies → Base Currency.
  • Enter the new currency information (Code, Name, Symbol, Decimal Places).

Step 2: Create Previous Base Currency as a Foreign Currency

  • Navigate to Settings → Currencies → Foreign Currencies.
  • Add your prior base currency as a new foreign currency.

Step 3: Review and Update Currency for Balance Sheet Sub-Accounts

  • Under the Bank and Cash Accounts tab, assign the newly created foreign currency (previously the base) to any account that still uses the former base currency.
  • Ensure accounts under the Customers, Suppliers, Employees, and Special Accounts tabs now appropriately use the newly created foreign currency.

Step 4: Review and Update Currency for Transactions

  • In Journal Entries, adjust entries that previously reflected the old base currency to now use the new foreign currency.
  • Repeat this under the Expense Claims tab, where applicable.

Step 5: Update Exchange Rates

  • Existing exchange rates are now invalid (since they reference the old base currency) and must be updated.
  • Enter new exchange rates corresponding to your new base currency.

Step 6: Batch Update Transactions

  • Finally, perform a batch update for all prior transactions originally using old exchange rates. Ensure they now correctly reflect the newly updated rates.

Once the above steps are complete, your business financial data will properly reflect the newly selected base currency within Manager.io.

By following this guide, you can confidently manage your base currency settings in Manager.io, ensuring ongoing accuracy and consistency of your financial records.