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This text refers to program version 4.3  

Simple Currency Conversion System

If you have the Currencies, Languages and Advanced Pricing Value Pack, FirstOffice will allow you to record any accounting transaction in foreign currency. You can maintain a register of Currencies, and keep a history of their respective Exchange Rates for different dates. You can assign a default Currency to each Supplier and Customer: the one in which they are usually to be invoiced or in which their Invoices are issued. When you issue or receive a Sales or Purchase Invoice, FirstOffice will automatically convert the amount from the foreign to the home Currency, and will create all necessary accounting transactions.

To set up the simple conversion system, follow these steps:

1. Enter the Currencies used in your business using the Currency register in the System module.
   

2. Define conversion rates between your home Currency and each foreign Currency using the Exchange Rate register in the System module.
   

3. Using the 'Exchange Rate' card of the Account Usage S/L setting in the Sales Ledger, define Accounts to be used for gains and losses resulting from Currency conversions of Sales Ledger transactions. You should also specify a Rate Round Off Account on this card.
   

4. Repeat step 3 for Purchase Ledger transactions using the 'Exchange Rate' card of the Account Usage P/L setting.

Please click the links for detailed descriptions of each step.

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