Multi Currency Working for Overseas Clients


Mihir Thakkar

2023-03-24 19:03:00


For Overseas clients, follow the steps listed below, to use the Multi Currency option.

Setup Currency Master:-

Add the List of Currency and currency code in the master form.

Setup Currency Exchange Master

Add the conversion rate with effective date

Setting Up Company.

While creating Company select the Base currency in which all transactions will be recorded and financial statements will be reflected.

At the time of Transactions

You may select the currency in which you want to make the payment receipt or book the bill, and the amount in the chosen currency (Foreign Amount field). As per the conversion rate and company currency, the system will convert the amount .

For e.g. My company currency is USD and I want to book the bill in Dirham. At the time of Bill booking I will select the currency as Dirham. The conversion rate of Dirham to USD will be fetched from the conversion master. Enter the bill amount in Dirham in the Foreign Amount field. During financial posting, the system will convert the currency to USD and post the amount.

All financial statements will be available in the Company currency selected in the Company Master.