Change currency

1

hello
i am using Manager desktop version
first i was using the default currency USD for all my clients and suppliers
now the rules in the country we must use local currency in all our books instead
if i change the currency for any client or vendor, then the amount will change only the unit but it will not change according to rate of currency
how can i update the currency in the whole system applying the rate of change USD <> LBP
regards

2

You need to setup currency exchange rates in Settings

You may have to set currency used on customers, etc

3

already changed both, but for example if 1 USD = 1500 LBP, and the balance is 1000USD for client, when i change in settings and customer, then the balance will change to 1000LBP and not 1500000 LBP

4

When you change your base currency, you will have to change the currency your customers use to USD.

This should do the job

For further help, please post screen images of the edit transaction for customers and invoice

5

Changing currencies does not change any numbers you have already entered. Nor does changing or entering new exchange rates. The already-entered values simply will appear as LBP instead of USD. You really have no choice except to start a fresh business in the new base currency. You will need to calculate and enter starting balances based on whatever exchange rate you determine to be appropriate for this task.

6

Regards changing the currency, does it remain the same today as it was last Nov 2019 ?

My home base currency was South African Rand for years, I moved to the UK for 10 months, got a Lloyds GBP account and now had to move to Ireland, now I operate with a Irish bank account in Euros so Iā€™m not sure how to deal with this. Probably have to do Irish tax beginning 2021 in Euros. What should I do. Start a new copy of Manager in Euros and redo everything in Euros from 1st Jan 2020 or what do u suggest? Many thx. Keith (PS: Still have South African, British and Irish Bank Accounts)

7

As I wrote to the other forum member, if you want to change your base currency, you will need to start a new Manager business. But there is no reason you cannot continue to operate with multiple currencies. The real question is where your business is registered and where you will file your primary tax returns. If that is South African, keep on as you are. But if you have made the transition to Ireland, start a new business.

1 Like
8

Tut, thank you very much for clearing it up for me, much appreciated. Keith