Overview

Setting up accounting software for multiple currencies involves configuring your system to handle transactions in different currencies and to track exchange rates.

These tutorials explain how to set up QuickEasy BOS Professional to handle transactions in multiple currencies.

Navigation: Main Menu > Setup > Settings & Defaults > Settings tab or Main Menu > Setup > Accounting > Settings tab

How to Enable Multi-Currency

1. Navigate to Main Menu > Setup > Accounting.

2. Select the Settings (tab).

3. Click the arrow next to Currencies to open it:

   1. Next to Enable Multi-currency > Select Yes.

   2. Set the Name of your Local Currency.

   3. Enter the names of your major currency (e.g. notes) next to Major Currency.

   4. Enter the names of your minor currency (e.g. coins) next to Minor Currency.

How to Setup Currencies

1. Navigate to Main Menu > Setup > Accounting.

2. Select the Settings (tab).

3. Click the arrow next to Currencies to open it.

4. Click on Edit next to Currencies:

   1. Enter the Currencies you want to use, starting with your Local Currency.

   2. Set a Base Value for your currencies.

      • The Base Value of your Local Currency is always 1.

      • Get a guide rate quickly by asking a search engine (e.g. for Rand to Dollars, type in: How many dollars can R1 buy? The answer will be in the correct format to enter in the Base Value column).

      • You can use up to 6 decimals.

How to Setup Denominations

1. Navigate to Main Menu > Setup > Accounting.

2. Select the Settings (tab).

3. Click the arrow next to Currencies to open it.

4. Click on Edit next to Denominations.

5. Fill in the Denominations for your Local Currency:

   1. The Description is the Currency in words and symbols (e.g. Two Hundred Rand - R200).

   2. Insert a specimen.

      • Note: Find specimen images on the website of your central bank (e.g. The South African Reserve Bank).

How to Setup Bank Accounts for Foreign Currency

1. Navigate to Main Menu > Setup > Accounting > Accounts.

2. Navigate to Bank Accounts (Statement of Financial Position > Assets > Bank).

3. For each Bank Account, select a Currency from the dropdown list in the Currency column.

How to Setup Customer Accounts to Use Foreign Currency

1. Navigate to Main Menu > Customers > Customers.

2. Double click an existing Customer to edit or click New (button) to create a new Customer.

   • Note: if the same Customer requires you to Invoice them in Multiple Currencies, you need to create a separate account for each Currency.

3. Click the Accounting tab.

4. Next to Currency select the currency in which to invoice a customer.

5. Change the VAT, if applicable.

6. Click Save (button).

It is best to check with your accountant before choosing a VAT Type. For example, in South Africa, there is a critical difference between zero-rated (you may claim related input VAT credits) and exempt supplies (you may not claim related input VAT credits).

How to Setup Supplier Accounts to use Foreign Currency

1. Navigate to Main Menu > Suppliers > Suppliers.

2. Double click an existing Supplier to edit or click New (button) to create a new Supplier.

3. Navigate to the Accounting tab.

4. Next to Currency, select the currency in which the Supplier will invoice you.

5. Change the VAT, if applicable.

   • Note: In South Africa, choose No VAT when a Supplier is not registered for VAT.

6. Click Save (button).

How to Setup Entry Types to use Foreign Currency

1. Navigate to Main Menu > Setup > Accounting > Entry Types (tab).

2. Tick the Forex column to allow transactions in foreign currencies.

3. Select a VAT Type from the dropdown list in the VAT (Forex) column.