specific of my market is that we dont have fixed value of the local currency against EUR or USD. Due to that, and in order to protect my business, I contract services in EUR, but for local clients I need to issue and invoice in the local currency. Or, if I have a contract with a client from abroad, I am obliged to issue an invoice in EUR or USD to the client, and have the same invoice in the local currency for the local accounting and tax authorities.
Is there an option, or whether it can be developed as an e.g. drop down menu, so we can select different currencies for printing an invoice,or even bi-currency invoices. In addition to that, it would be much more helpful if I could select a currency for an item, not only for customer or provider as it is now in Manager.
This is very unusual requirement. Are you sure you need to issue an invoice in local currency too? Because it really is non-sense. Is there any government website explaining this matter?
thanks for following up. Well, I am sure that my invoices may be in a local currency, or bi-currency when services are contracted in a foreign currency. In general, my invoice should show price in foreign currency, that it should be recalculated into a local currency at mid exchange rate at a separate column, and then the whole summary with subtotal, amount of VAT and grand total. That was the reason I had a huge interest in customizing invoice layout. I am still struggling with that, but basic needs are met.
I am not sure that I could help with government websites as in my country most of them are not multi lingual.
To be honest, I can overcome this “issue” by creating 2 customers, but with different currencies. Still, it would be easier the way I was suggesting. I know that it would required additional development from your side and that it depends on the volume of similar requests, but I realize from the forum that I am not the only one with this need for functionality.
Don’t create 2 customers in the same file though.
You can create new business and create invoices in local currency there. It’s not very useful for accounting purposes but if tax authority comes to do audit (as you claim), you can always print those invoice from this dummy file for their records.
I am actually experiencing the same issue, I believe. Our company purchases all inventory items in USD; however, we are located in Canada and sell to our clients in CAD. We were hoping that inventory items could be set at USD (as the CAD typically fluctuates often and would require constant pricing changes in our system). However, we were also hoping that when customers are listed in CAD currency, the quote/invoice would automatically be adjusted from USD to CAD. This is not the case.
I have not been able to enable multi-currency, even after reading several threads on the matter. Would this even help? How can we choose which currency is used?
@awtcanada, I don’t how this is the same issue…
Go to Settings tab, then click Base Currency and set your base currency which is CAD (since you are located in Canada). Once you do this, you can set currencies on all accounts where it makes sense, e.g. on your suppliers which some of them would be in USD since they invoice you in USD.
No, you need to manually set your prices based on how much you want to charge your customers.
What Manager can tell you is how much was the average cost of items you currently have on hand in CAD. So you just want to make sure you sell items for more than it costs you to obtain them so you actually turn profit.
Have you ever used any double-entry accounting system with inventory? If not, you should read about some basic principles behind inventory accounting.
Hi @lubos, I have similar thing that’s why i reply on here. Here is my case;
My base currency is USD and have a supplier that we make business in USD and Local Currency. USD business is easy because base currency payment and everything is the same but I’m in trouble with local currency sales and purchases.Example;
My supplier has been created with USD currency. When they issued me an invoice with local currency how do i have to record that ? Basically, I don’t want to creat the same company with different (local) currency.If i try to record the local issued invoice as USD - there is no USD option when i make record.
If manager gives a chance to record the optional currency as much as bank payments while sales and purchase entries are being recorded i think the case can be solved.
I would be really gratetful if i hear from you ,
Thank you.
Currently, if you want to have business with the same Supplier but in different currencies then you need to create that Supplier twice, once for each currency.
No, they will automatically convert on to your Balance Sheet based on your Settings > Exchange Rates.
If you like, set up a test business and trial some transactions using one supplier with different currencies.
@FerhatAL if you have relationship with your supplier in two different currencies, you have two supplier accounts. I know creating the same entity as two suppliers doesn’t seem to be intuitive but it is when you think about each supplier as an account.
An account cannot be denominated in two currencies at the same time. It wouldn’t make sense. If you get a loan in USD, it will be in USD. It cannot be in EUR and USD at the same time.
This is why if you have a supplier who will invoice you sometime in USD and sometime in EUR, it means you should set up this supplier in Manager twice, once for each currency and pretend as if they are two different suppliers. From accounting point of view, your supplier is also treating you as two different customers (they will send you customer statements twice - one for each currency).