Documentation

Currency Management Guide

Configure multiple currencies for international purchasing and pricing.

Watch: Multi-Currency Setup Guide (5 min)

What is Currency Management?

Currency Management allows you to work with multiple currencies in your inventory system. This is essential for businesses that purchase from international suppliers or sell in different markets.

Currency list showing configured currencies
Manage multiple currencies with exchange rates
When to Use Multi-Currency
  • Purchasing from international suppliers
  • Selling to customers in different countries
  • Managing cost prices in supplier's currency
  • Reporting in multiple currencies

How to Access Currencies

Navigate to Inventory > Currencies from the main navigation menu.

Setting Up a Currency

  1. Navigate to Currencies
    Go to Inventory > Currencies.
  2. Click "Add Currency"
    Open the currency creation form.
  3. Enter Currency Details
    • Currency Code: ISO 4217 code (e.g., USD, EUR, GBP)
    • Currency Name: Full name (e.g., US Dollar, Euro)
    • Symbol: Currency symbol (e.g., $, EUR, GBP)
  4. Set Exchange Rate
    Enter the exchange rate relative to your base currency.
    • Example: If base is AED and 1 USD = 3.67 AED, enter 3.67
  5. Configure Display Options
    • Decimal Places: Number of decimals to show (typically 2)
    • Symbol Position: Before or after the amount
  6. Set as Default (Optional)
    Mark one currency as the default/base currency.
  7. Save Currency
    Click "Save" to add the currency.

Currency Fields Reference

Field Required Description
Currency Code Yes 3-letter ISO 4217 code (USD, EUR, GBP, AED)
Currency Name Yes Full name of the currency
Symbol Yes Currency symbol for display
Exchange Rate Yes Rate relative to base currency
Decimal Places No Number of decimal places (default: 2)
Symbol Position No Before or after amount
Is Default No Mark as base/default currency
Is Active No Enable/disable currency

Common Currency Codes

Code Currency Symbol
USD United States Dollar $
EUR Euro EUR
GBP British Pound GBP
AED UAE Dirham AED
SAR Saudi Riyal SAR
INR Indian Rupee Rs
CNY Chinese Yuan CNY
JPY Japanese Yen JPY

Using Currency in Purchase Orders

When creating purchase orders, you can select the supplier's currency:

Currency selection in purchase order
Select currency when creating purchase orders
  • Supplier Currency: Prices entered in supplier's currency
  • Exchange Rate: Automatically applied or manually adjusted
  • Base Currency Total: Calculated for reporting and cost tracking

Exchange Rate Management

Exchange rates can be managed in two ways:

Method Description Best For
Fixed Rate Set rate once, use until changed Stable currencies, long-term contracts
Per-Transaction Adjust rate on each transaction Volatile currencies, spot purchases
Exchange Rate Updates

Remember to update exchange rates regularly. Outdated rates can affect cost calculations and financial reporting accuracy.

Best Practices

Do's
  • Use standard ISO 4217 currency codes
  • Update exchange rates regularly
  • Set one currency as the default/base currency
  • Document the exchange rate source for auditing
Don'ts
  • Don't delete currencies that have been used in transactions
  • Don't change the base currency after transactions exist
  • Don't use custom currency codes (stick to ISO standards)

Next Steps

Procurement

Create purchase orders with multi-currency support.

Settings

Configure default currency and other inventory settings.