Organise your finances by currency
When you deal with multiple currencies, keeping your finances organised can get tricky. While Officaid lets you record transactions in any currency regardless of which account you use, setting up dedicated accounts for each currency makes life much easier. You'll see exactly how much you hold in each currency, and reconciliation becomes straightforward.
Why Create Separate Currency Accounts?
You don't have to create separate accounts for each currency, but there are good reasons to do so:
- Clear balances – see exactly how much you hold in USD, EUR, or any other currency at a glance
- Easier reconciliation – match your Officaid account directly with your foreign currency bank statements
- Better organisation – keep foreign transactions separate from your main operating account
- Accurate reporting – track performance by currency without manual filtering
If you only occasionally transact in a foreign currency, a single account may be fine. But if you regularly receive or make payments in multiple currencies, dedicated accounts are worth the small setup effort.
Setting Up a Multi-Currency Account
Creating an account for a different currency is the same as creating any other account, with one key step: selecting the right currency.
- 1 Ensure the currency is added to your operating currencies in Admin → Company → Edit Currencies
- 2 Navigate to Finance → Accounts
- 3 Click + Add Account
- 4 Fill in the account details (name, type, bank, etc.)
- 5 Select the appropriate Currency from the dropdown
- 6 Click Add to create the account
How Transactions Work with Currency Accounts
When you create an invoice, expense, or payable in a foreign currency, you can select a matching currency account as the payment account. This keeps everything aligned:
- A USD invoice paid into your USD account stays in USD
- A EUR expense paid from your EUR account stays in EUR
- Your account balance reflects the actual foreign currency amount
If you use a different currency account (for example, recording a USD payment into an SGD account), Officaid handles the conversion using the rate you specify when recording the payment.
Viewing Account Balances
Each account in Officaid displays its balance in its native currency. If you have multiple currency accounts, you'll see each balance separately. On your dashboard and in reports, Officaid converts these to your default currency so you can see your total financial position.
Anywhere you see \*Estimated, it means foreign currency amounts have been converted using the latest exchange rates. Click the label to see the current rates being applied.
Transferring Between Currency Accounts
Need to move money between accounts in different currencies? Use an internal transfer. Officaid will ask for the conversion rate so both accounts reflect the correct amounts.
Frequently Asked Questions
No. An account's currency is set when you create it and cannot be changed. If you need a different currency, create a new account.
Not necessarily. You can create accounts in Officaid to track currency holdings even if they're all in one actual bank account. However, having separate real bank accounts makes reconciliation easier.
Officaid will ask for the conversion rate when you record the payment. The invoice will show the USD amount received, and your SGD account will reflect the converted amount.
Your dashboard and financial reports convert all account balances to your default currency, giving you a unified view of your finances.
What's Next?
- Setting Up Your Operating Currencies – add the currencies you need
- How Exchange Rates Work – understand automatic and manual rate handling
- Adding an Internal Transfer – move money between accounts
- Understanding Multi-Currency in Officaid – overview of all multi-currency features