DESKTOP EDITION CLOUD EDITION SERVER EDITION GUIDES FORUM

Introducing multi-currency


#1

Multi-currency is now fully supported in the latest version of Manager.

Highlights

  • In-built 154 most common currencies (including Bitcoin)
  • Support for foreign currency journal entries
  • Ability to set currency on bank accounts, cash accounts, general ledger accounts, customers and suppliers
  • Create quotes, orders, invoices, credit notes denominated in foreign currency
  • Customer/supplier advance payments support foreign currency too.
  • Multi-currency doesn’t break your reporting on cash-basis or tax reports
  • Very flexible: debit/credit account denominated in any currency with amount in any currency. For example you can issue an invoice in USD, receive payment from customer in GBP bank account while your base (home) currency is set to EUR.

Setup

The feature needs to be enabled under Settings tab.

  1. Go to Settings tab
  2. Click Customize button
  3. Enable Multi-currency and Exchange rates
  4. Once multi-currency enabled, click on Multi-currency under Settings tab and set your Base currency. Base currency is your home currency.

When you set your base currency, all your accounts will be automatically set to your base currency. You can edit or create new accounts (bank accounts, cash accounts, customers, suppliers, general ledger accounts) and set foreign currency for required accounts.

Manager contains in-built exchange rates so you don’t need to worry about Exchange rates section under Settings yet. However, for the purpose of calculating exchange gains and losses, Manager will need to know how exchange rates fluctuate over time. Exchange rates must be recorded under Exchange rates section. Right now, it is manual process but before end of this month, Manager will be able to pull exchange rates from the Internet (not just the latest but also historical ones to update your currency exchange gains/losses retrospectively).


Example of how Manager presents multiple currency UI when there are multiple customer accounts maintained in different currencies. (It’s not that complicated)


#5

After choosing the Exchange Rates its not asking anything like currency type and exchange value.


#6

Exchange rates module will ask for exchange rates only on active currencies. If you don’t see any currencies under exchange rates, it means all your accounts are in base currency. I will need to make this part more obvious.

Go and create some bank account, customer, supplier or general ledger account in foreign currency first. Then check exchange rates module again.


#7

How can i create a Quotation or Invoice with Other currency other than base currency.
Example: i choosen Base currency INR. i would like to prepare one quotation in USD. How i need to do?


#8

Currency of quote or invoice is determined by the currency of customer you are issuing invoice or quote to. So make sure currency of customer is set to something other than base currency. Then all quotes and invoices will be denominated in that currency.


#9

I’m having some trouble. My base currency is USD, and one of my customer currency is HTG. I have created a cash account in USD. I have issued an invoice in HTG and when I receive money in my USD cash account. It consider the amount of my HTG invoice as USD and the invoice is labeled as overpaid. But when I try with a HTG account, it works properly. What Should I do ?


#10

The interface will get more obvious as to what is really happening to avoid confusion but for now, keep in mind this.

Your cash account is in USD so all amounts received into USD cash account are assumed to be denominated in USD.

Question is, did customer pay you in USD or in HTG? If customer paid in USD, you need enter USD amount you actually received into USD cash account.


#11

I have 100 USD cash and I exchange it at the rate of 1 USD = 16 MVR. I get 1600 MVR as cash. How will I go about recording this transaction? My base currency is MVR.


#12

The customer paid in HTG


#13

All of our customers base currency is INR only, i cont change this one. But for few products i need to sell in USD only not in INR. How manager will help me here.


#14

It’s getting a bit confusing in this thread. I’m closing this and just start new topics please.


#15