Currencies and exchange rates

From Home → Currencies and exchange rates. The books are kept in one currency, the base currency, and every document in another currency is converted to it at the rate of the document's date. You record the rates; the system converts.

Currencies

The table lists every currency with its ISO code, symbol, number of decimal places and latest recorded rate. Only enabled currencies appear on invoices, cashboxes and price lists. The base currency carries the "Base" badge and needs no rate.

Adding a currency

1. New currency, then the ISO code of three letters such as USD or JOD.
2. The Arabic and English names, the symbol, and whether it appears before the number.
3. Decimal places: 2 for the dollar and shekel, 3 for the Jordanian dinar. They cannot change once entries are posted in this currency.
4. Switch it on with Enabled.

Exchange rates

A rate is always written in one form: units of the base currency per 1 of the currency. If the base is the shekel and the dollar is 3.70 shekels, you write 3.70 for the dollar. Rates are stored with six decimal places.

Recording today's rate

At the bottom of the page there is a quick entry: currency, date, rate, then Save today's rate. It requires the rate-recording permission. The source is recorded as "manual", and the date of every rate is kept.

How is a document converted?

1. You choose the currency of the invoice or voucher. The default is the customer's currency if they have one, otherwise the branch's sale currency, otherwise the base currency.
2. Today's rate is proposed from the table, and you may type a different rate on the document itself (a rate agreed with the customer, for example).
3. On posting, the amount is stored in its currency together with its base-currency equivalent. Reports and balances are in the base currency; the customer statement shows both.

Cashboxes in currencies

Every cashbox or bank account has one currency. Whoever collects dollars needs a separate "dollar cashbox", where the amount is booked in dollars with its base equivalent. See Cash accounts and banks.

What the customer sees and what you see

A customer buying in dollars sees their invoice in dollars and receives their statement in dollars with the base equivalent. On the dashboard and in financial reports you see base-currency figures only, because profit cannot be summed across two currencies. The cash liquidity report shows each cashbox in its currency and the grand total in the base currency at today's rate. See Statement and liquidity.

Checklist for working in two currencies

1. The base currency is the currency of your tax report.
2. A second currency enabled with the right decimal places.
3. A rate recorded for the day before the first invoice on it.
4. A price list for every currency you sell in.
5. A cashbox for every currency you collect in, assigned to the cashier.