Foreign Currency Settings
Currencies do not require Countries to be set up. If you want a currency to be used for all clients/suppliers from a specific country, however, you will need to set up the country and link the country to the currency.
In order to ensure that proper taxation calculations are performed, it is important that you enter all clients and suppliers with a full address, which means you need to set up the countries where the clients/suppliers reside.
If you have a foreign currency bank account, you need to set this up in the currency that the account is operated in. At the end of each accounting period, the balance of the account will be adjusted to reflect the exchange rate to the system currency at the balance date.
Any number of currencies can be set up. Follow the steps below to do this.
Add a new currency
Step 1:
Navigate to: File > Configuration > Currencies
Step 2: The currency screen is as below.
In the screenshot below, the business is Australian based and AUD has been set as the "system currency".
Step 3: Add a new currency
Completed new currency screen, Save
Make a Currency Inactive
Select currency, click on 'edit' and tick the 'inactive' button
If you wish to view inactive currencies, right click on the screen, select Show inactive records.
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