If your business has accounts in multiple currencies, the first step to enabling multi-currency is to set your base currency. Go to the Settings tab, then click Base Currency.
Once you set your base currency, all your existing accounts will be set to the denominated base currency. When you edit your existing accounts or create new accounts, you will have the option to select the currency the account should be denominated under.
Currently it’s possible to set foreign currency for following accounts:
- Bank accounts
- Cash accounts
- Customers
- Suppliers
- Employees
- General ledger accounts
Most transactions will adopt the currency applicable to the account they relate to. For example, when you set the foreign currency of a customer, all their invoices, credit notes and quotes will be denominated in that foreign currency.
Some transactions such as journal entries or expense claims allow you to specify the foreign currency on a transaction level. For example under expense claims, this is useful when an employee is reimbursed in the base currency but the expense was incurred under a foreign currency.
