Change the basic currency in the multi-currency accounting

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In a multi-currency accounting all amounts are shown both in the account currency and in the base currency. If you change the base currency all exchange rates and amounts in base currency must be re-entered manually.

It is better 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
  • In the Exchange rates table enter the exchange rates referred to the basic currency
    • If there are many transactions to be converted, in the exchange table you can enter intermediate exchange rates (for examble for each month, 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 also (selected area only)
    • 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
  • In the Transactions table
    If there are transactions, you need to correct them row by row:
    • For those transactions that are already in the right 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 tin the basic currency and then press F6
  • In the Budget table
    Proceed just as in the Transactions table
  • Use the Check accounting command, fix possible errors, and keep using the Check accounting command until there are no more error messages.

 

 

 

 

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