Handle multiple currencies with ease

If your business deals with international clients, suppliers, or operates across borders, you likely handle multiple currencies. Officaid lets you create accounts in different currencies and automatically calculates exchange rates, so you always know where your money stands.

Creating Accounts for Different Currencies

In Officaid, you can record transactions in any currency for your invoices, expenses, payables, or other income, regardless of which account you use.

However, if you want to keep your multi-currency transactions organised, it is recommended to create separate accounts for each currency. For example, if you frequently deal in both SGD and USD, you could create a dedicated account for each.

Enabling Multi-Currency for Your Company

Before you can use additional currencies, you need to enable multi-currency for your company. This allows you to add operating currencies beyond your default currency.

1. 1 Go to Admin → Company
2. 2 Click Edit Currencies
3. 3 Add the currencies your business uses
4. 4 Save your changes

Once enabled, you can add as many currencies as your business needs. These currencies will then be available when creating accounts, invoices, expenses, and other transactions.

How Exchange Rates Work

Officaid uses the latest exchange rates to help you understand the value of your foreign currency transactions. Here is how it works:

• Before payment - The conversion rate is automatically calculated based on the latest FX rate. This gives you an estimate of how much you will receive or pay in your default currency.
• During payment - When you record a payment, you can enter the actual conversion rate. This ensures your records reflect the real amount received or spent.
• Automatic updates - If a payment has not been received yet, the estimated value is automatically updated based on the latest exchange rates.

This applies wherever multi-currency is involved, including invoices, expenses, and payables.

Tips for Managing Multiple Currencies

Here are some tips to keep your multi-currency transactions organised:

• Create dedicated accounts for each currency - While not required, separate accounts make it easier to see your balances in each currency at a glance.
• Use clear naming conventions - Include the currency in the account name so you can quickly identify which account to use.
• Enter actual conversion rates - When recording payments, enter the real exchange rate to keep your records accurate.
• Reconcile regularly - Multi-currency transactions can have exchange rate differences. Regular reconciliation helps catch discrepancies early.

Frequently Asked Questions

What's Next?

Now that you understand multi-currency accounts, explore these related guides:

• Adding a Bank, Credit Card, or Cash Account - Create accounts in any currency
• Multi-Currency in Officaid - Set up currencies for your company
• Adding an Internal Transfer - Move money between accounts