Setting Up Your Operating Currencies

Add and manage the currencies your business uses in Officaid with just a few clicks.

Add currencies in seconds

Before you can create invoices, expenses, or accounts in foreign currencies, you need to tell Officaid which currencies your business uses. This quick setup takes less than a minute and you can add or remove currencies at any time.

Accessing Currency Settings

Currency settings are managed in your company profile:

1 Click Admin in the left sidebar
2 Select Company
3 In the Quick Actions panel on the right, click Edit Currencies

This opens the currency settings where you can view your default currency, see your current operating currencies, and add new ones.

Understanding the Currency Settings

The Edit Currencies panel has three sections:

Default Currency – your primary currency for reporting and conversions. All foreign currency transactions are converted back to this currency in reports.
Other Operating Currencies – additional currencies you've enabled, shown as tags. Click the X on any tag to remove that currency.
Add new operating currency – a dropdown to add more currencies to your account.

Adding a New Currency

1 Click the Select Currency dropdown under "Add new operating currency"
2 Browse the list or scroll to find your currency. Each option shows the currency code (e.g., USD) and full name (e.g., United States Dollar).
3 Click the currency to add it. It will appear as a tag under "Other Operating Currencies".
4 Repeat for any additional currencies you need
5 Click Update Currencies to save your changes

Add all the currencies you expect to use upfront. You can always add more later, but having them ready means you won't need to pause mid-transaction to update your settings.

Removing a Currency

If you no longer need a currency, you can remove it from your operating currencies:

1 In the Edit Currencies panel, find the currency under "Other Operating Currencies"
2 Click the X next to the currency tag
3 Click Update Currencies to save your changes

Removing a currency does not delete any existing transactions in that currency. However, you won't be able to create new transactions in that currency until you add it back.

Changing Your Default Currency

Your default currency determines how all your financial reports and summaries are displayed. While you can change it, this should be done carefully as it affects how all transactions are converted and reported.

To change your default currency:

1 First, add the new currency as an operating currency using the dropdown (if it's not already added)
2 Click the Default Currency dropdown
3 Select your new default currency from the list (only your operating currencies will appear)
4 Click Update Currencies to save your changes

Changing your default currency affects all financial reporting across your account. Only do this if you're certain it's necessary, such as when relocating your business to a different country.

Viewing Your Currencies

You can see your current operating currencies at any time on your Company page. They appear as tags under Operating Currencies, with your default currency clearly marked.

Frequently Asked Questions

How many currencies can I add?

There's no limit. You can add as many operating currencies as your business needs.

Can I use a currency without adding it first?

No. You need to add a currency to your operating currencies before you can use it in invoices, expenses, payables, or accounts.

What happens to existing transactions if I remove a currency?

Existing transactions are not affected. They will remain in the original currency. You simply won't be able to create new transactions in that currency until you add it back.

Why can't I see a currency in the Default Currency dropdown?

The Default Currency dropdown only shows currencies you've already added as operating currencies. Add the currency first using the "Add new operating currency" dropdown, then you'll be able to select it as your default.

Do I need admin access to change currency settings?

Yes. Currency settings are part of company configuration and require admin access to modify.

What's Next?

Now that your currencies are set up, explore these related guides:

Understanding Multi-Currency in Officaid – learn how multi-currency works across the platform
How Exchange Rates Work – understand automatic and manual rate handling
Invoicing in Multiple Currencies – create invoices in foreign currencies
Multi-Currency Accounts – set up accounts for different currencies

multi-currency currency setup admin