In this article
Multi-currency accounting is based on the double-entry accounting method and can also manage accounts and transactions in foreign currencies.
Many topics of the multi-currency accounting are the same as the double-entry accounting. In order to find missing lessons or in-depth information, we advice you to consult our internet pages on the Double-entry accounting.
Characteristics
- Manages the accounts also in foreign currency
- Use of any currency, standard or freely defined coin codes (to use any virtual currency)
- Decimal currency configurable from 0 to 28. Usually you use 2 decimals, but you can set the accounting to use 0 decimals, or 3 decimals (Tunisia) or more if you use for crypto currencies. 9 decimals (Bitcoin) or 18 (Ethereum)
- Calculates the conversion automatically, based on the exchange rate inserted in the Exchange rate table
- Calculates the exchange rate differences automatically
- Offers Balance Sheets and Profit and Loss Statements in a second currency as well
In order to change from a double-entry accounting file to a multi-currency accounting file, check the Convert to new file command.
Information
Chart of accounts, file properties and exchange rates table
We suggest to choose one of the already configured examples and to personalize it according to your needs. Please note that the chart of accounts must include the account for profit and loss from exchange rate variation and there must be accounts in foreign currencies.
- Setup the chart of accounts
- Groups and subgroups
- File properties - foreign currencies tab
- Setup the Exchange rate table
Transactions
Accounting transactions must be entered in the same way as the double-entry accounting transactions
Printouts
Convert double-entry accounting into multi-currency accounting
In order to add multi-currency features to a double-entry accounting file, please visit the Convert to new file page.