Automatically Update Your Currencies

You have the possibility to choose whether you want to continue updating your currency exchange rates manually or if you want to use automatic updates to provide you with the latest exchange rates. Activate Automatically update currency exchange rates by ticking the box at the bottom of the screen in the currency view under Registry - Currency.

Your accounting will always be in base currency. When you save and post invoices the accounting data is calculated by multiplying the current exchange rate with the invoice amount. Note that the currency and exchange rate to be used can be edited directly in the header of the customer and the supplier invoice (as shown in the picture below), if the currency has been added to the currency list (see picture above).

1. Select Registry - Currency.
2. In the Code field you can see abbreviations of various available currencies in the drop down window. Select the currencies you want to use. You can edit the various fields, for example change names and rates. The selling rate will be used for your supplier invoices and the buying rate for your customer invoices.
3. The List's radio button choice offers an extra display column, which appears in customer and supplier invoice lists if you select the alternative: Show rates in foreign currency. If you want the invoice list to show only sums converted into base currency, select instead Show rates in domestic currency. Click Save when finished.
   
   
      
   
    If you want the invoice list to show only sums converted into base currency, select instead Show rates in domestic currency. Click Save when finished. See below the same list.
   
   

4. For the correct accounts for VAT, sales, currency winnings and losses etc. to be retrieved for invoicing in foreign currency, these accounts must be registered under Registry - Chart of Accounts - Default Accounts.
   
5. You have the possibility to preselect currencies on both your customers and suppliers. Go to Registry, then Suppliers /Customer.
              
   
   Under Additional Information, enter the currency usually used for a particular supplier or customer. See below.
   
   
   It is important that you enter the correct country and country code for foreign customers and suppliers.

Registering invoices with other currencies

When you register customer or supplier invoices in other currencies, there is always an extra column for your Base Currency in the view (GBP in this example). This ensures that you always see how much the foreign currency is worth in your base currency. See below.

In a supplier invoice:

In a customer invoice:

Updating the buying and selling rate

If you have made a change to the exchange rate in the currency rate table under 
Registry - Currency, you use the update button on the invoice to retrieve the latest registered rate (see picture below).

1. Hold your cursor over the button and you will see the latest rate.
2. Click on the button for the update to be carried out.