Currency activation and set up

You activate the currency management in company settings in the finance settings:

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  • click on YES to manage multi currency
  • click on "configure multi currencies" to add currencies and maintain the exchange rates
  • click on "add currency" to select the one you need 
  • define the exchange rate

 

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  • confirm the exchange rate and click DONE to leave the set up wizard

 

Please note:

The sales prices and costs in products and services are in accounting currency. If you wish to sell and purchase in different currencies, please follow the instructions below.

 

Sales and purchase in foreign currencies

If your customer or vendor always buys or sells in foreign currencies, it makes sense to adjust their data accordingly. Set up the foreign currency in the customer or vendor wizard (in advanced - currency).

As soon as you then link your customer or vendor in any document, the according currency will be taken over for use.

  • Please note: the currency is taken over, but the sales or purchase price is not converted. You have to manually adjust the price to your currency.

 

If you need the price to be correct in the according currency, you need to set up a sales or purchase price list in the currency you need and link it either to the according customer / vendor or let it be valid for all customers/vendors who buy or sell in that currency.

  •  The set up of a sales or purchase price list in a foreign currency will pull the correct price, if the sales or purchase document header is set to the according currency, also for customers or vendors that are not set up in the according currency

    Create a new Purchase Price List

    Create a new Sales Price List

 

Receive payments in multiple currencies

Payments can only be received into bank accounts that are set up in the according currency!

  • Example: invoice is in EUR, customer pays in EUR and you apply a bank account in USD --> does not work

If you do not have a bank account in the payment currency, please create an Offset Bank account that allows you to receive the customer payment in the currency needed.

From this Offset account you can then convert the payment into your "normal" bank account!

  • Example: invoice is in EUR, customer pays in EUR to your EUR Offset Bank account
  • in Banking Bank Transfer, you then convert from your EUR Offset bank account into your USD bank account

From Bank account:        your EUR Offset account

To Bank account:            your USD bank account

The conversion rate is taken from your company settings, a gain/loss on exchange is automatically posted (please check your accounting transactions).

 

 

Check accounting transactions in foreign currencies

To have a view of your transactions made in foreign currencies, please go to Accounting - green button - Accounting transactions - green button - view accounting transactions (with currencies). In this view you'll see both, the currency amount and the foreign currency amount as well as the exchange rate.

 

 

 

Balance out Offset Bank Accounts or use Bank transfers for foreign currency into home bank

As your Offset bank accounts are not supposed to show any balances, you will need to transfer the foreign currency amount eventually into your home currency bank. To do so, please do not use any accounting transactions, but bank transfers.

Bank transfers can be created in Accounting - green button - bank transfers (New Bank Transfer)

 

"From" Bank account will generate a credit / "To" Bank account will create a debit 

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What happens, when I update my exchange rates?

When you update your exchange rates in the company settings, OneUp will perform a revaluation of your balance sheet accounts that are used in foreign currency.

Debit adjustments in assets and liabilities that are made due to exchange rate updates, will post against gain of exchange in your profit and loss statement..

Credit adjustments in assets and liabilities that are made due to exchange rate updates, will post against loss of exchange in your profit and loss statement.

 

 

 

 

 

 

 

 

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