If we set up a foreign currency and an exchange rate for the same with base currency, how do we create an invoice /Receipt in that currency. the invoice page always show the base currency.
The invoice is created using the currency defined in the Customer record.
You need to associate the foreign currency with the customer.
If you invoice the same customer using different currencies then you need to set up a separate customer for each currency
Thank you, Joe,
wont it be an option to add multiple currencies for the customer so while invoicing we can choose?. or is it a wrong practice?
Sorry, I didn’t make that clear - you have to create a separate customer for each currency
So for example
Cust A USD
Cust A EUR
Cust A AUD
Cust B USD
Cust B EUR
etc
Each customer in Manager has one and only one currency
I would advise to use an additional control account. The control account for the base currency usually is something like Accounts Receivable. I would add in settings → controls accounts → customers a Forex Receivables control accounts and assign each of the Cust A, Cust A, etc to that Forex Receivables control account soyou can easily see all the forex expected and the “value” in the base currency.
if you do not, then the Accounts Receivable will hold all customer balances.
If you drill down from the summary page you get a split by currency and then a list of customers by each currency.
Using an additional control account will allow you to see the splits in Balance Sheet reports for example
I also want to get some more details about creating an invoice for foreign currency. Thanks for the updates.