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 Multi Currency


The Multi Currency component allows you to record a transaction's amount in both your base currency and a foreign currency.

With the Multi-currency option, 6 new foreign currency columns will become available in most of the tables. These are:

Currency Code: eg. EUR for Euro

Currency Rate: user-set for the rate at the time of the transaction

Currency Amount: the total amount including any taxes such as VAT

Currency Amount less VAT: the total amount less VAT

Currency VAT Amount: the VAT amount in the specified currency

Currency Unit Price: the total amount of each unit if more than 1 is specified as a quantity

You can turn on all or any of these columns as necessary.

You will also need to add these to an invoice if you need to invoice in another currency. The best idea is to set up a new invoice template from the menu option. Select a suitable template, then click on the button on the bottom right. Give the template a new name (eg. Euro Default Invoice) so it is easy to select it in the future.

If you have a foreign currency account, you can open it in current assets and view all currency transactions by turning on the new currency columns in the right hand panel. Foreign currency transactions can directly affect your base currency bank account, or a specific foreign currency account.

All balances are displayed in the Chart of Accounts in your base currency.

Not available in the Startup Kit version of Business Accountz.

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