Multi-Currency - Setup Tutorials

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.  

   1. • Note: If the entry is not there, click Add/Update (button) and add the entries.

4. On the popup click Add (button) and complete the row as follows:

   1. Symbol = Enter the internationally recognised symbol for the currency (e.g. ZAR). 

   2.  Description = Enter the name of the currency (e.g. South African Rand).

   3. Major = Enter the name that the major denominations like notes are known as (e.g. Rand).

   4. Minor = Enter the name that the smaller denominations like coins are known as (e.g. Cents).

   5. Complete one of these fields (the other will be calculated):

      • Multiply = Enter the conversion rate used to multiply your local currency with to get one unit of the foreign currency.

      • Divide = Enter 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. Repeat Step 4 to add more currencies. 

6. Click Save (button).

7. Click X to close the pop-up.

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.

   1. • Note: If there are no entries, click Add/Update (button) and add the settings.

4. Edit these settings:

   1. Currencies > Enable Multi-currency: Check the checkbox in the Value column.

   2. Currencies > Local Currency:  Select a currency from the dropdown list that is your main currency. The dropdown list consists of currencies created in the previous topic: How to Add Currencies.

   3. Use the Multiplication Exchange Rate: Check the checkbox to use the multiplication exchange rate. Uncheck the checkbox to use the divide exchange rate (see previous topic).

   4. Denominations for Home Currency:  See How to Set Up Denominations (below)

5. Click Save (button).

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.  

   • Note: If the entry is not there, click Add/Update (button) and add the entries.

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 popup.

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 Create a Forex Gain or Loss Account

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

2. Click Edit (button).

3. Click Add Account (button).

4. Name = Forex Gain or Loss.

5. Category = Expenses.

6. Leave the remaining fields blank.

7. Click Save (button).

How to Setup Customer Accounts to Use Foreign Currency

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

ℹ️ Customers can only be invoiced in one currency. If a customer must be invoiced in more than one currency, you must create a customer account for each currency.

1. Navigate to Customers (e.g. 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.

6. Change the VAT Type, if applicable.

7. Click Save (button).

How to Setup Supplier Accounts to use Foreign Currency

ℹ️ Supplier accounts can only use one currency. If a supplier invoices you in various currencies, you must create a supplier account for each currency.

1. Navigate to Suppliers (e.g. 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.

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: Transactions can only use the local currency.

   • Company and Local (Show RoE): 

     • The rate of exchange (RoE) is displayed but cannot be edited. 

     • The local currency can be used.

     • The customer or supplier's currency can be used.

   • Company and Local (Edit RoE)

     • The rate of exchange (RoE) is displayed an can be edited. 

     • The local currency can be used.

     • The customer or supplier's currency can be used.

   • All Currencies (Edit RoE)

     • The rate of exchange (RoE) is displayed an can be edited. 

     • Any of the currencies added to the currencies setting can be used (see the first topic on this page).

How to Create Transaction Types 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.  General (heading):

         1. Description = Supplier Forex Gain

         2. Code = SFX+

         3. Contacts = Suppliers - All

      2. Items & Inventory (heading):

         1. Item Type = Default Item

      3. Accounting (heading):

         1. Accounting (checkbox) = Checked

         2. Currencies = Local only

         3. VAT Type (Default) = No VAT

         4. Dr Category = Payables

         5. Cr Category = Expenses

         6. Cr Account = Forex Gains and Losses

         7. Default for = Supplier Forex Gain

      4. All fields not mentioned here can be left at their default values.

2. Click Status (tab).

   1. Check that the drop list shows Supplier Forex Gain (SFX+).

   2. Click Edit (button).

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

   4. Edit the statuses if necessary to follow this pattern:

Description > Group > Default > Editing > Accounting (checkbox)

2. 4. 1. Pending > Pending > New Transaction > All > Unchecked

      2. Complete > Complete > Complete > None > Checked

      3. Cancelled > Cancelled > None > None > Unchecked

   5. Click Save (button) if it is not greyed out. 

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.  General (heading):

         1. Description = Supplier Forex Loss

         2. Code = SFX-

         3. Contacts = Suppliers - All

      2. Items & Inventory (heading):

         1. Item Type = Default Item

      3. Accounting (heading):

         1. Accounting (checkbox) = Checked

         2. Currencies = Local only

         3. VAT Type (Default) = No VAT

         4. Dr Category = Expenses

         5. Dr Account = Forex Gains and Losses

         6. Cr Category = Payables

         7. Default for = Supplier Forex Loss

      4. All fields not mentioned here can be left at their default values.

2. Click Status (tab).

   1. Check that the drop list shows Supplier Forex Loss (SFX-).

   2. Click Edit (button).

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

   4. Edit the statuses if necessary to follow this pattern:

Description > Group > Default > Editing > Accounting (checkbox)

2. 4. 1. Pending > Pending > New Transaction > All > Unchecked

      2. Complete > Complete > Complete > None > Checked

      3. Cancelled > Cancelled > None > None > Unchecked

   5. Click Save (button) if it is not greyed out. 

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.  General (heading):

         1. Description = Customer Forex Gain

         2. Code = CFX+

         3. Contacts = Customers - All

      2. Items & Inventory (heading):

         1. Item Type = Default Item

      3. Accounting (heading):

         1. Accounting (checkbox) = Checked

         2. Currencies = Local only

         3. VAT Type (Default) = No VAT

         4. Dr Category = Receivables

         5. Cr Category = Expenses

         6. Cr Account = Forex Gains and Losses

         7. Default for = Customer Forex Gain

      4. All fields not mentioned here can be left at their default values.

2. Click Status (tab).

   1. Check that the drop list shows Customer Forex Gain (CFX+).

   2. Click Edit (button).

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

   4. Edit the statuses if necessary to follow this pattern:

Description > Group > Default > Editing > Accounting (checkbox)

2. 4. 1. Pending > Pending > New Transaction > All > Unchecked

      2. Complete > Complete > Complete > None > Checked

      3. Cancelled > Cancelled > None > None > Unchecked

   5. Click Save (button) if it is not greyed out. 

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.  General (heading):

         1. Description = Customer Forex Loss

         2. Code = CFX-

         3. Contacts = Customers - All

      2. Items & Inventory (heading):

         1. Item Type = Default Item

      3. Accounting (heading):

         1. Accounting (checkbox) = Checked

         2. Currencies = Local only

         3. VAT Type (Default) = No VAT

         4. Dr Category = Expenses

         5. Dr Account = Forex Gains and Losses

         6. Cr Category = Receivables

         7. Default for = Customer Forex Loss

      4. All fields not mentioned here can be left at their default values.

2. Click Status (tab).

   1. Check that the drop list shows Customer Forex Loss (CFX-).

   2. Click Edit (button).

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

   4. Edit the statuses if necessary to follow this pattern:

Description > Group > Default > Editing > Accounting (checkbox)

2. 4. 1. Pending > Pending > New Transaction > All > Unchecked

      2. Complete > Complete > Complete > None > Checked

      3. Cancelled > Cancelled > None > None > Unchecked

   5. Click Save (button) if it is not greyed out. 

Related Topics

• Reference: Multi-Currency

• Tutorial: Multi-Currency