Multi-Currency and Exchange Rates

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.


Enabling Multi-Currency


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.
Adding New Currencies


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.


Finding Exchange Rates


Using Currencies

On Sales Orders and Sales Invoices, 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.


For a step-by-step walkthrough, check out the video below.
 



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