Overview

Multi-currency Transactions in accounting involve dealing with different currencies because of international trade, overseas investments, or global business operations. These transactions require companies to manage exchange rates, convert amounts, and account for any gains or losses due to currency fluctuations. Transactions involving multi-currency are usually first entered in the original currency and then converted into an organisation's main currency using the current exchange rate. At the end of each month or period, adjustments are made to reflect the latest exchange rate, capturing any gains or losses.

Managing Multi-currency Transactions correctly helps ensure clear financial reporting, following standards like IFRS and UK GAAP, and assists with risk management.

These tutorials explain how to set up QuickEasy BOS Professional to use multiple currencies, and how to create Customer and Supplier Invoices in different currencies.

How to Create a Quotation in Foreign Currency

1. Setup a Customer to use Foreign Currency.

2. Select the Materials and Services as per a normal quotation.

3. Type the Unit Price in the Foreign Currency.

   • Note: You may need to convert the Unit Price to the Foreign Currency. You can see the exchange rate in the bottom right-hand corner. 

How to Invoice a Customer in Foreign Currency

1. Setup a Customer to use Foreign Currency.

2. Create an Invoice as per normal.

3. Type the Unit Price in the Foreign Currency.

   •  Note: You may need to convert the Unit Price to the Foreign Currency. You can see the exchange rate in the bottom right-hand corner. 

How to Enter a Supplier Invoice that is in Foreign Currency

1. Set up a Supplier to use Foreign Currency.

2. Create a Supplier Invoice as per normal. 

   • Type the Unit Price in the Foreign Currency.

   • Select the relevant VAT Type (e.g. No VAT).

3. The Total will automatically update and provide a Total in the Local Currency.

   • Note: You can view the current exchange rate in the bottom right-hand corner.