Only available in the Business Suite version of Business Accountz
The Multi currency module allows you to record a transaction’s amount in both your base currency and a foreign currency.
With the Multi currency option, 6 new foreign currency columns will become available in most of the tables. These are:
- Currency Code: eg. EUR for Euro
- Currency Rate: user-set for the rate at the time of the transaction
- Currency Amount: the total amount including any taxes such as VAT
- Currency Amount less VAT: the total amount less VAT
- Currency VAT Amount: the VAT amount in the specified currency
- Currency Unit Price: the total amount of each unit if more than 1 is specified as a quantity
New users will find a Multi currency View in each of your Sales, Purchase, and Transfer Transactions components, prefixed ‘Currency’, e.g. ‘Currency Sales’, plus a cleared, uncleared and general currency view for your bank account in the Chart of Accounts.
Existing users can turn on all or any of these columns as necessary. Do this in one go before dragging them to the desired position in the table. Right click (or Command + Click on a one button mouse on a Mac) on any column header to add or remove columns from any table.
You will also need to add these to an invoice if you need to invoice in another currency. The best idea is to set up a new invoice template from the menu option File > Documents > Invoices. Select a suitable template, then click on the button on the bottom right. Give the template a new name (eg. Euro Default Invoice) so it is easy to select it in the future.
If you have a foreign currency account, you can open it in current assets and view all currency transactions by turning on the new currency columns in the right hand panel. Foreign currency transactions can directly affect your base currency bank account, or a specific foreign currency account
All balances are displayed in the Chart of Accounts in your base currency.
All values in the default currency columns (such as ‘Total Amount’ and ‘Unit Price’) are said to be in your Base Currency. You do not need to specify to the system what your base currency is as long as you ensure that all transaction amounts represent the same ‘base’ currency.
For a guide covering how to use Multi currency, please see this link.