Multi-Currency

Multi-Currency and Exchange Rates

Overview

The Multi-Currency and Exchange Rates feature in CustomBooks™ allows US-based companies to manage international transactions while keeping financial records accurate in US Dollars (USD). If your business works with overseas customers, vendors, or banks, this feature ensures all foreign transactions are properly converted and reported in USD.

Enabling Multi-Currency

  1. Navigate to Admin Panel → General Settings.
  2. Check the Multi-currency box.
Please note:  Once this feature has been enabled, it may not be disabled.


Adding Currencies

  1. Navigate to Lists → Currencies.
  2. Click Create → New.
  3. Type the currency that you want to add and select from the list.
  4. Once you've selected the currency, the Symbol, Numeric Code, Alphabetic Code, and Country will be added automatically.
  5. If you want CustomBooks™ to automatically update the exchange rate, check the "Auto update exchange rates" checkbox.
  6. Add/Select an Accounts Receivable, Accounts Payable, Customer Prepayments, and Vendor Prepayments accounts.
  7. Click Save or Save and Close.


Finding an Exchange Rates

  1. Navigate to Lists → Exchange Rates.
  2. You'll see two tabs when you open the Exchange Rate:
    1. Your exchange rates - this tab allows you to create the exchange rates you want for the currencies that you are going to manually update the exchange rates.
    2. Official exchange rates - this tab will show you where CustomBooks™ has updated the exchange rates at the start of each day. This is a historical view that you can drill into at any time.


Using Currencies

On Sales and Purchase documents, choose the Currency tab and select the currency for this document.


Please note:
      ★ The default currency is chosen in Admin Panel → General Settings.
      ★ Exchange rates are updated automatically each hour, as long as the currency has the "Auto update exchange rates" box checked.

See How to Set Up Multi-Currency and View Exchange Rates

This video shows how to enable multi-currency in CustomBooks, add a new currency, configure automatic exchange-rate updates and prepayment accounts, and view manual and official exchange rates.

Video Summary

Enable multi-currency from Admin Panel > General Settings, then add currencies from the currency settings. When you select a currency, CustomBooks automatically fills in details such as its symbol, numeric code, alphabetic code, and country. You can choose automatic exchange-rate updates and configure the required customer and vendor prepayment accounts. Exchange rates can then be viewed from Lists > Exchange Rates, including manually maintained rates and historical official rates updated by CustomBooks.

Key Takeaways

  • Enable multi-currency from Admin Panel > General Settings.
  • Important: Once multi-currency is enabled, it cannot be deselected.
  • When adding a currency, CustomBooks fills in its symbol, numeric code, alphabetic code, and country.
  • You can choose whether CustomBooks automatically updates the exchange rate for a currency.
  • Configure the Customer and Vendor PrePayment accounts for the new currency.
  • Use Lists > Exchange Rates to manage manually updated rates and review historical Official Exchange Rates.
＋ Read the Full Video Transcript

In this video we are going to show you how you can add new currencies and keep track of the Exchange Rates in your CustomBooks account.

First we need to ensure that you have enabled multi-currency. Click on the Admin Panel and then choose General Settings.

In the upper left corner of this General Settings you will see the settings for Currency. Once you check the box to add multiple currencies, you will not be able to deselect this option.

To begin to add new currencies click the Add Currency link. Once the currencies page is open you will be able to see a list of currencies you have added to CustomBooks. To add a new one click Create and select New.

Start typing the currency that you want to add then select from the list. Once you have selected the currency CustomBooks will add the currency symbol, Numeric Code, Alphabetic Code and the Country for you. If you want CustomBooks to automatically update the exchange rate check this box.

Finally you will need to select the Customer and Vendor PrePayment accounts for the new currency. These can be the same as the default accounts you use or you can have CustomBooks create these accounts for the new currency. Click Save and a message will appear asking if you would like CustomBooks to create the new accounts for this currency. Click Yes and the accounts will be created for you.

With multiple currencies you will need to be able to view the Exchange Rates as well. CustomBooks makes it simple to find the Exchange Rates.

Click Lists and then select Exchange Rates. If you have currencies set up that you unchecked the box to allow CustomBooks to auto update the exchange rate you will see two tabs when you open the Exchange Rates.

The first tab will be where you are able to create the exchange rate you want for the currencies that you are going to manually update the exchange rate. The second tab, Official Exchange Rates, is where you will see where CustomBooks has updated the exchange rate at the start of each day. This is a historical view that you can drill into at any time. This list is for all the currencies that you are able to add to CustomBooks.

If you need to find a specific currency the search field here will allow you to narrow the results for the currency you are looking for.

And that’s it. With multi-currency enabled and your exchange rates easily accessible, CustomBooks helps you manage international transactions with accuracy and confidence.