How to apply multi-currency in the Accounting Module?

Once you have ticked the check-box allowing for multi-currency in the Setting Module, you can apply the multi-currency for different Modules on Deskera Books. Multi-currency is extremely useful for businesses that trade internationally.

Here are some of the places where you can view the multi-currency on Deskera Books.

Bank Module

Deskera Books allow their users to add their respective banks in the system. Some businesses might have various bank accounts that have different currencies. However, Deskera Books does not limit you from saving bank account with a different currency.

There is one thing you need to take note of is that you can only change the currency if you have the particular currency in your bank account.

For example, if you wish to sell in USD currency, you need to ensure that your bank account has USD currency in order for the transaction to go successfully.

Credit Note and Debit Note

Deskera Books users are allowed to convert the currency during debit note and credit note creation. Go to the respective Credit Note and Debit Note page and click on the create button at the top right of the page.

When you are adding contact detail to apply the credit note and debit note, you can also change the currency by clicking on the drop-down arrow. You are able to view the exchange rate as to the base currency as well. Next, you can apply the debit note and credit note of the selected currency in the Bill and Invoice document.

Journal Entry

For all the transactions that have incurred, you can view all the accounting entries recorded in the Journal Entry. In the Journal Entry, the amount as reflected as shown in the base currency. The same applies to the Chart of Accounts as well.

For example, if you have indicated the Singapore dollar as the base currency in the system, all the amount in the report will be reflected in the Singapore dollar. However, you are still able to view the transaction currency, the amount for that particular currency, and the exchange rate applied before they're converted to the base currency.

Opening Balances

When indicating the opening balance for the sales invoice and bill, users are allowed to change the currency as well by clicking on the drop-down arrow. Once you have indicated the currency, you may start to import the opening balance of the sales invoice and bills manually to Deskera Books.