I have a client that wants to use Manager for running their business, but the issue is how to use two currencies for running the business.
The business deals with importation from varies countries to Nigeria, so they will be using dollars for their purchase and sell in Naira. I have checked web service in settings to see if there is any clue for me in that but I don’t understand it and I have checked the guide, I couldn’t see any help related to that, that’s the reason why am here to ask these question.
Set the Base currency under Settings->Currencies. As your business seems to be registered in Nigeria that would be the Naira.
Set one or more Foreing currencies under Settings->Currrencies. As you buy in US dollar create such.
Set an Exchange rate under Settings->Currrencies. Add more whenever needed, especially as Naira rates change often. Manager will automatically add Forex (Gains/Losses) to both P&L and Balance sheet based on this.
For each Supplier that provides items in US$ set the currency for that Supplier to US$.
In addition to a Naira bank account you should setup a US$ account as well.
When entering Purchase invoices select the US$ customer and you will note that that currency apprears. When paying this invoice use the US$ account.
Also not that the value of all Assets including Inventory and Fixed assets will always be listed in the base currency even though purchase in any other currency. This is in compliance with FIRS as in most countries.