DESKTOP EDITION CLOUD EDITION SERVER EDITION GUIDES FORUM

Cloud Exchange rate only gives dates cant setup rates


#1

I tried to create exchange rate to I can give PO in $ to my supplier. When I try and create it only gives me a date and nothing to specify.

Any idea why this is. I checked your forum and some said have to enable mutli-currency but cant find it under settings.


#2

Go to Settings tab, click Customise to enable Base Currency.

Then set base currency for your accounting entity which will essentially enable multi-currency.

Once multi-currency is enabled, you can go and edit supplier under Suppliers tab to set their account to foreign currency.


#3

How would this work if I had existing suppliers, and existing transactions that I just recorded in AUD. Say for example. I pay DO in AUD but invoices are sent to me in USD. Right now I just recorded as AUD, how do I migrate DO to USD, but leave existing transactions as is (I don’t want to go back and change all the records to the new USD).


#4

Hmm, that’s a bit of a problem. You would need to them up as new suppliers in USD.

Are you sure you don’t want to fix this going backwards? How many purchase invoices would be affected?


#5

There’s quite a few. But I could change it. The only problem I realised, is this means I need to input a particular exchange rate for every one of the invoices as the exchanges rate change all the time.

What happens if say 2 invoices came from USD, but they used different exchange rates on the same day? Or perhaps they used the same exchange rate, but they added an extra fee to the final AUD amount. How do you differentiate them both? Would like to have a guide that goes more deeply into this multi-currency feature.

Also any plans to account cryptocurrencies too :smiley: ?