Manage a bank account in a foreign currency
- The debit/credit in the currency of the company
- The debit/credit in the currency of the bank account
Currency rates are updated automatically using yahoo.com, or the European Central bank web-services.
Activate the multi-currency feature
In order to allow your company to work with multiple currencies, you should activate the multi-currency mode. In the accounting application, go intomake sure the Allow Multi-currencies box is ticked. Provide a Currency Exchange Gain / Loss account, then click on Apply.
Once the CPA Books is configured to support multiple currencies, you should activate the currencies you plan to work with. To do that, go to the menu. All the currencies are created by default, but you should activate the ones you plan to support (to activate a currency, check its “Active” field).
After having activated the currencies, you can configure the parameters to automate the currency rate update. These options are also in the settings of the Accounting application, in the bottom of the page:
Create a new bank account
In the accounting application, we first go to, and we create a new one.
- An account in the trial balance
- A journal in your dashboard
- Information about the bank account in the footer of your invoices if checked the box Show in Invoices Footer
Example: A vendor bill in a foreign currency
Based on the above example, let’s assume we receive the following bill from a supplier in China.
In the, this is what you could see:
Once you are ready to pay this bill, click on register payment on the bill to record a payment.
Customers and vendor statements are managed in the currency of the invoice. So, the amount due by your customer (to your vendor) is always expressed in the currency of the invoice.
If you have several invoices with different currencies for the same customer, CPA Books will split the customer statement by currency, as shown in the report below.
In the above report, the account receivable associated to Camptocamp is not managed in a secondary currency, which means that it keeps every transaction in its own currency. If you prefer, you can set the account receivable for this customer in a secondary currency and all its debts will automatically be converted to this currency.
In such a case, the customer statement always has only one currency. In general, this is not what the customer expect as he prefers to see the amounts in the currency of the invoices he received;