Currencies

Currencies configuration enables multi-currency operations for international business transactions.

Overview

Currencies enable you to:

• Configure multiple currencies
• Set exchange rates
• Process foreign transactions
• Handle currency conversions
• Manage exchange gains/losses
• Generate multi-currency reports

Accessing Currencies

Navigate to Finance → Currencies or Settings → Currencies from the main menu.

Currency List

Active Currencies

Currencies

Base Currency: USD - US Dollar

┌────────────────────────────────────────────────────────────────┐
│ Code │ Currency         │ Symbol│ Rate    │ Last Updated│Status│
├────────────────────────────────────────────────────────────────┤
│ USD  │ US Dollar        │ $     │ 1.0000  │ Base        │Active│
│ EUR  │ Euro             │ €     │ 0.9234  │ Jan 22      │Active│
│ GBP  │ British Pound    │ £     │ 0.7856  │ Jan 22      │Active│
│ CAD  │ Canadian Dollar  │ C$    │ 1.3456  │ Jan 22      │Active│
│ JPY  │ Japanese Yen     │ ¥     │ 148.50  │ Jan 22      │Active│
│ MXN  │ Mexican Peso     │ $     │ 17.15   │ Jan 22      │Active│
└────────────────────────────────────────────────────────────────┘

[+ Add Currency] [Update Rates]

Adding Currencies

New Currency

Add Currency

Currency Details:
├─ Currency Code: [___] (3-letter ISO code)
├─ Currency Name: [_________________________]
├─ Symbol: [___]
├─ Decimal Places: [2]
└─ Status: [Active ▼]

Exchange Rate:
├─ Rate Type: [Average ▼]
├─ Rate: [_________]
├─ Effective Date: [01/22/2026]
└─ Rate Source: [Manual ▼]

Formatting:
├─ Symbol Position: [Before ▼]
├─ Thousands Separator: [, ▼]
├─ Decimal Separator: [. ▼]
└─ Format Preview: $1,234.56

[Cancel] [Save Currency]

Exchange Rates

Managing Rates

Exchange Rates

Currency: EUR - Euro
Base Currency: USD

Current Rate: 0.9234 (1 USD = 0.9234 EUR)

Rate History:
┌────────────────────────────────────────────────────────────────┐
│ Date       │ Rate    │ Source   │ Type      │ Updated By      │
├────────────────────────────────────────────────────────────────┤
│ Jan 22     │ 0.9234  │ API      │ Average   │ System          │
│ Jan 21     │ 0.9245  │ API      │ Average   │ System          │
│ Jan 20     │ 0.9228  │ API      │ Average   │ System          │
│ Jan 19     │ 0.9231  │ Manual   │ Spot      │ John Smith      │
│ Jan 18     │ 0.9215  │ API      │ Average   │ System          │
└────────────────────────────────────────────────────────────────┘

[+ Add Rate] [Import Rates]

Automatic Rate Updates

Exchange Rate Automation

Rate Source:
○ Manual entry only
● Automatic from API
○ Import from file

API Provider: [Open Exchange Rates ▼]
API Key: [••••••••••••••••]

Update Schedule:
├─ Frequency: [Daily ▼]
├─ Time: [6:00 AM ▼]
└─ Time Zone: [EST ▼]

Rate Type: [Average ▼]

Currencies to Update:
├─ [x] EUR - Euro
├─ [x] GBP - British Pound
├─ [x] CAD - Canadian Dollar
├─ [x] JPY - Japanese Yen
└─ [x] MXN - Mexican Peso

Last Update: January 22, 2026 6:00 AM
Status: ✓ Successful

[Test Connection] [Save Settings]

Currency Transactions

Foreign Currency Invoice

Invoice in Foreign Currency

Customer: European Client Ltd
Invoice Currency: EUR

Line Items (in EUR):
┌────────────────────────────────────────────────────────────────┐
│ Item              │ Qty │ Price (EUR)│ Total (EUR)             │
├────────────────────────────────────────────────────────────────┤
│ Widget Pro        │ 10  │ €73.85     │ €738.50                 │
│ Gadget Plus       │ 5   │ €120.00    │ €600.00                 │
├────────────────────────────────────────────────────────────────┤
│ Subtotal                             │ €1,338.50               │
│ VAT (20%)                            │ €267.70                 │
│ Total                                │ €1,606.20               │
└────────────────────────────────────────────────────────────────┘

Exchange Rate: 0.9234 (at invoice date)

Base Currency Equivalent:
├─ Subtotal: $1,449.95
├─ Tax: $290.00
└─ Total: $1,739.95

[Save Invoice]

Currency Conversion

Currency Conversion

Convert From: EUR
Convert To: USD

Amount: €1,606.20

Rate Options:
○ Current rate (0.9234)
● Invoice date rate (0.9234)
○ Payment date rate (0.9245)
○ Custom rate [_______]

Conversion:
├─ Original: €1,606.20
├─ Rate: 0.9234
├─ Converted: $1,739.95
└─ Inverse: 1 EUR = 1.0829 USD

Realized Gains/Losses

Exchange Gain/Loss Calculation

Exchange Gain/Loss Report

Period: January 2026

Realized Gains/Losses (settled transactions):
┌────────────────────────────────────────────────────────────────┐
│ Transaction   │ Currency│ Invoice Amt│ Payment Amt│ Gain/Loss │
├────────────────────────────────────────────────────────────────┤
│ INV-2026-012 │ EUR     │ $1,739.95  │ $1,745.50  │ +$5.55    │
│ INV-2026-008 │ GBP     │ $2,456.78  │ $2,445.67  │ -$11.11   │
│ BILL-2026-015│ EUR     │ $3,456.78  │ $3,467.89  │ -$11.11   │
├────────────────────────────────────────────────────────────────┤
│ Total Realized Gain/Loss:                        │ -$16.67    │
└────────────────────────────────────────────────────────────────┘

Unrealized Gains/Losses (open balances):
├─ AR Foreign: $45,678.90 (current value: $45,890.12) = +$211.22
├─ AP Foreign: $23,456.78 (current value: $23,567.89) = -$111.11
└─ Net Unrealized: +$100.11

[Post Realized] [Generate Report]

Multi-Currency Reports

Currency Summary

Multi-Currency Summary

As of: January 22, 2026

Accounts Receivable by Currency:
┌────────────────────────────────────────────────────────────────┐
│ Currency│ Native Amount │ Exchange Rate │ Base (USD)           │
├────────────────────────────────────────────────────────────────┤
│ USD     │ $189,456.78   │ 1.0000        │ $189,456.78          │
│ EUR     │ €42,567.89    │ 0.9234        │ $46,100.12           │
│ GBP     │ £12,345.67    │ 0.7856        │ $15,714.89           │
│ CAD     │ C$8,901.23    │ 1.3456        │ $6,615.22            │
├────────────────────────────────────────────────────────────────┤
│ Total (USD equivalent):                 │ $257,887.01           │
└────────────────────────────────────────────────────────────────┘

Accounts Payable by Currency:
┌────────────────────────────────────────────────────────────────┐
│ Currency│ Native Amount │ Exchange Rate │ Base (USD)           │
├────────────────────────────────────────────────────────────────┤
│ USD     │ $67,890.12    │ 1.0000        │ $67,890.12           │
│ EUR     │ €15,678.90    │ 0.9234        │ $16,983.45           │
│ CNY     │ ¥45,678.90    │ 7.1234        │ $6,411.89            │
├────────────────────────────────────────────────────────────────┤
│ Total (USD equivalent):                 │ $91,285.46            │
└────────────────────────────────────────────────────────────────┘

GL Accounts for Currency

Currency GL Mapping

Currency GL Accounts

Exchange Gain/Loss Accounts:
├─ Realized Gain: 4600 - Exchange Gain
├─ Realized Loss: 6600 - Exchange Loss
├─ Unrealized Gain: 4601 - Unrealized FX Gain
└─ Unrealized Loss: 6601 - Unrealized FX Loss

Currency-Specific Bank Accounts:
├─ USD: 1010 - Operating Account
├─ EUR: 1016 - Euro Account
├─ GBP: 1017 - Sterling Account
└─ CAD: 1018 - Canadian Account

Rounding Account: 6900 - Rounding Difference

[Edit GL Mappings]

Best Practices

Rate Management

• Update rates regularly
• Use consistent rate sources
• Document rate decisions
• Maintain rate history

Transaction Processing

• Use invoice date rates
• Monitor rate fluctuations
• Review open balances
• Post gains/losses monthly

Reporting

• Report in base currency
• Show native amounts
• Track unrealized amounts
• Reconcile regularly

Troubleshooting

Common Issues

Rate not updating

• Check API connection
• Verify API key
• Review update schedule
• Check currency code

Conversion incorrect

• Verify rate applied
• Check decimal places
• Review rate date
• Confirm calculation

Gain/loss not posting

• Verify GL accounts
• Check period status
• Review posting settings
• Confirm amounts

Related Documentation

Learn about Bank Accounts for managing multi-currency banking.