Multi-Currency - Setup Tutorials

How to Enable Multi-Currency

1. Navigate to Main Menu > Setup > Settings > General (tab).

2. Click Edit (button) in the header.

3. Type Currencies in the search bar to isolate the Currencies group.

4. Navigate to the setting: Currencies: Enable Multi-currency and tick the block in the Value column.

5. Navigate to the setting: Currencies: Local Currency and fill in the symbol of your local currency in the Value column (e.g. ZAR, USD)

6. Navigate to the setting: Currencies: Major Currency and enter the name of your major currency in the Value column (e.g. what notes are named such as Rand)

7. Navigate to the setting: Currencies: Minor Currency and enter the name of your major currency in the Value column (e.g. what coins are named such as Cents)

8. Navigate to the setting: Use the Multiplication Exchange Rate and tick the block in the Value column if you want to use it.

9. Add Currencies as needed (see below)

10. Enter your Denominations for your home currency (see below)

How to Add Currencies

1. Navigate to Main Menu > Setup > Settings > General tab.

2. Click Edit (button) in the header.

3. Navigate to the setting: Currencies: Currencies and click Edit... in the Value column.  

4. On the pop-up click Add (button):

   1. Fill in the internationally recognised symbol for your currency. 

   2. Enter a Description.

   3. Enter the conversion rate to Multiply (the amount you multiply your local currency with to equal one unit of the foreign currency).

   4. Enter the conversion rate to Divide (how many units of the foreign currency you can buy with one unit of local currency i.e. one divided by the exchange rate).

   5. The Update field is automatically filled in:

      • It is blank for your local currency (which is always a 1:1 exchange rate).

      • It defaults to Admin for currencies you need to manually adjust.

      • It defaults to Auto for currencies that will automatically update with BOS Sever.

   6. The Date is automatically filled in.

5. Repeat Step 3 for all your Currencies. 

6. Click Save (button).

7. Click X to close the pop-up.

How to Setup Denominations

1. Navigate to Main Menu > Setup > Settings > General tab.

2. Click Edit (button) in the header.

3. Navigate to the setting: Currencies: Denominations for Home Currency and click Edit... in the Value column.  

4. Click Add (button).

5. Type in the Description (e.g. Two Hundred Rand - R200 ) in the Description column.

6. Type in the matching value (e.g. 200.00) in the Value column.

7. Insert a specimen Image.

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

8. Click Save (button).

9. Click X to close the pop-up.

How to Setup Bank Accounts for Foreign Currency

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

2. Click Edit (button).

3. Right-click on the bank account and select Change Currency.

   • Note: A warning will appear if the account has linked transactions in the current currency. Click Yes to continue editing or Cancel.

4. Select the new Currency from the dropdown list in the Currency column.

5. Click Save (Button).

How to Setup Customer Accounts to Use Foreign Currency

1. Navigate to Main Menu > Office > Customers.

2. Click View (button) to bring up a list of customers.

3. Double click an existing customer to edit or click New (button) to create a new customer.

4. Click the Accounting (tab).

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

   • Note: If the same customer requires you to invoice them in Multiple Currencies, you need to create a separate account for each Currency.

6. Change the VAT Type, if applicable.

7. Click Save (button).

ℹ️ 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 > Office > Suppliers.

2. Click View (button) to bring up a list of suppliers.

3. Double click an existing supplier to edit or click New (button) to create a new supplier.

4. Navigate to the Accounting (tab).

5. Next to Currency, select the currency in which the supplier will invoice you.

6. Change the VAT Type, if applicable.

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

7. Click Save (button).

How to Setup Transaction Types to use Foreign Currency

1. Navigate to Main Menu > Setup > Transactions.

2. Click Edit (button)

3. For each transaction, select a Currencies option from the dropdown list under the Accounting section. The options are:

   • Local only

   • Company and Local (Show RoE) (RoE = Rate of Exchange)

   • Company and Local (Edit RoE)

   • All Currencies (Edit RoE)

How to Setup Transactions for Forex Gains and Losses

How to Setup Supplier Forex Gains

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

   1. Click New (button) and enter the new Transaction Type as follows:

      1. Under General (heading), set the Description to Supplier Forex Gain.

      2. Under General (heading), set the Code to SFX+.

      3. Under General (heading), set the Contacts to Suppliers - All.

      4. Under Items & Inventory (heading), set the Item Type to Default Item.

      5. Under Items & Inventory (heading), set the Pricing to Cost Price.

      6. Under Accounting (heading), check Accounting (checkbox).

      7. Under Accounting (heading), set the  Currencies to Local only.

      8. Under Accounting (heading), set the  VAT Type (Default) to No VAT.

      9. Under Accounting (heading), set the  Default for to Supplier ForEx Gain.

2. Navigate to Main Menu > Setup > Transaction > Status (tab).

   1. From the dropdown list on the right select Supplier Forex Gain (SFX+).

   2. Click Edit (button).

   3. Click Add Header Status (button) to add statuses.

   4. Right click on statuses > Delete (button) to remove statuses.

   5. Make sure there are 3 statuses as follows.

      1. Pending: Set the Editing (column) to All; Uncheck the Accounting (checkbox).

      2. Complete: Set the Editing (column) to None; Check the Accounting (checkbox).

      3. Cancelled: Set the Editing (column) to None; Uncheck the Accounting (checkbox).

   6. Click Save (button) (if changes were made).

3.  Navigate to Main Menu > Setup > Accounting > Transaction Types (tab).

   1. Click Edit (button).

   2. Navigate to Supplier Forex Gain.

      1. Set the Dr Category (column) to Payables.

      2. Set the Cr Category (column) to Expenses.

      3. Set the Cr Account (column) to Forex Gains and Losses.

   3. Click Save (button).

How to Setup Supplier Forex Losses

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

   1. Click New (button) and enter the new Transaction Type as follows:

      1. Under General (heading), set the Description to Supplier Forex Loss.

      2. Under General (heading), set the Code to SFX-.

      3. Under General (heading), set the Contacts to Suppliers - All.

      4. Under Items & Inventory (heading), set the Item Type to Default Item.

      5. Under Items & Inventory (heading), set the Pricing to Cost Price.

      6. Under Accounting (heading), check Accounting (checkbox).

      7. Under Accounting (heading), set the  Currencies to Local only.

      8. Under Accounting (heading), set the  VAT Type (Default) to No VAT.

      9. Under Accounting (heading), set the  Default for to Supplier ForEx Loss.

2. Navigate to Main Menu > Setup > Transaction > Status (tab).

1. Navigate to the drop down menu and select Supplier Forex Loss (SFX-).

2. Click Edit (button).

3. Click Add Header Status (button) to add statuses.

4. Right click on statuses > Delete (button) to remove statuses.

5. Make sure there are 3 statuses as follows.

   1. Pending: Set the Editing (column) to All; Check the Accounting (checkbox).

   2. Completed: Set the Editing (column) to None; Check the Accounting (checkbox).

   3. Cancelled: Set the Editing (column) to None; Uncheck the Accounting (checkbox).

6. Click Save (button) (if changes were made).

3. Navigate to Main Menu > Setup > Accounting > Transaction Types (tab).

   1. Click Edit (button).

   2. Select Supplier Forex Loss.

      1. Set the Dr Category (column) to Expenses.

      2. Set the Dr Account (column) to Forex Gains and Losses.

      3. Set the Cr Category (column) to Payables.

   3. Click Save (button).

How to Setup Customer Forex Gains

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

   1. Click New (button) and enter the new Transaction Type as follows:

      1. Under General (heading), set the Description to Customer Forex Gain.

      2. Under General (heading), set the Code to CFX+.

      3. Under General (heading), set the Contacts to Customers - All.

      4. Under Items & Inventory (heading), set the Item Type to Default Item.

      5. Under Items & Inventory (heading), set the Pricing to Cost Price.

      6. Under Accounting (heading), check Accounting (checkbox).

      7. Under Accounting (heading), set the  Currencies to Local only.

      8. Under Accounting (heading), set the  VAT Type (Default) to No VAT.

      9. Under Accounting (heading), set the  Default for to Customer ForEx Gain.

2. Navigate to Main Menu > Setup > Transaction > Status (tab).

   1. Navigate to the dropdown menu and select Customer Forex Gain (CFX+).

   2. Click Edit (button).

   3. Click Add Header Status (button) to add statuses.

   4. Right click on statuses > Delete (button) to remove statuses.

   5. Make sure there are 3 statuses as follows.

      1. Pending: Set the Editing (column) to All; Check the Accounting (checkbox).

      2. Completed: Set the Editing (column) to None; Check the Accounting (checkbox).

      3. Cancelled: Set the Editing (column) to None; Uncheck the Accounting (checkbox).

   6. Click Save (button) (if changes were made).

3. Navigate to Main Menu > Setup > Accounting > Transaction Types (tab).

   1. Click Edit (button).

   2. Select Customer Forex Gain.

      1. Set the Dr Category (column) to Receivables.

      2. Set the Cr Category (column) to Expenses.

      3. Set the Cr Account (column) to Forex Gains and Losses.

   3. Click Save (button).

How to Setup Customer Forex Losses

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

   1. Click New (button) and enter the new Transaction Type as follows:

      1. Under General (heading), set the Description to Customer Forex Loss.

      2. Under General (heading), set the Code to CFX-.

      3. Under General (heading), set the Contacts to Customers - All.

      4. Under Items & Inventory (heading), set the Item Type to Default Item.

      5. Under Items & Inventory (heading), set the Pricing to Cost Price.

      6. Under Accounting (heading), check Accounting (checkbox).

      7. Under Accounting (heading), set the  Currencies to Local only.

      8. Under Accounting (heading), set the  VAT Type (Default) to No VAT.

      9. Under Accounting (heading), set the  Default for to Customer ForEx Loss.

2. Navigate to Main Menu > Setup > Transaction > Status (tab).

   1. Navigate to the drop down menu and select Customer Forex Loss (CFX-).

   2. Click Edit (button).

   3. Select Add Header Status (button) to add statuses.

   4. Right click on statuses > Delete (button) to remove statuses.

   5. Make sure there are 3 statuses as follows.

      1. Pending: Set the Editing (column) to All; Check the Accounting (checkbox).

      2. Completed: Set the Editing (column) to None; Check the Accounting (checkbox).

      3. Cancelled: Set the Editing (column) to None; Uncheck the Accounting (checkbox).

   6. Click Save (button) if changes were made.

3. Navigate to Main Menu > Setup > Accounting > Transaction Types (tab).

   1. Select Customer Forex Loss.

   2. Click Edit (button).

      1. Set the Dr Category (column) to Expenses.

      2. Set the Dr Account (column) to Forex Gains and Losses.

      3. Set the Cr Category (column) to Receivables.

   3. Click Save (button).

Related Topics

• Reference: Multi-Currency

• Tutorial: Multi-Currency