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In multi-currency accounting all amounts are shown both in the account currency and in the basic currency. If you change the basic currency all exchange rates and amounts in basic currency must be re-entered manually.
It is recommended to change the base currency at the beginning of the year, when there are no operations yet. Anyway, you can still do it during the year, for example, if you want to change the basic currency of an existing accounting file (for example if your accounting file is in EUR and you want it in USD), proceed as follows:
- Save the file under a different name
- In the File properties
- Indicate the new basic currency
- Delete the reference to the previous year file ('Options' section)
- In the Exchange rates table enter the exchange rates referred to the basic currency:
- If there are many transactions to be converted, you can enter median exchange rates for each month in the exchange rate table, indicating the beginning of the month's date).The program will use the historic exchange rate in the transactions.
- In the Chart of accounts:
- Replace the old currency with the new one
You can use the Find and Replace function - If there are opening balances, you need to re-enter them in the new currency
- Also, the Previous year balance, budget and other columns must be converted
- Replace the old currency with the new one
- In the Transactions table:
If there are transactions, you need to correct them row by row:- For those transactions that are already in the correct currency, with the F6 key the program recalculates the amount in the new basic currency.
- For other transactions you need to enter the right amount in the basic currency and then press F6.
- In the Budget table:
Proceed just as in the Transactions table - Use the Check accounting command of the Actions menu, fix possible errors, and keep using the Check accounting command until there are no more error messages.