Multi-Currency Setup & Management

Multi-Currency in Quickenerp

Enable multi-currency in Settings to invoice and pay in foreign currencies. Go to Accounting > Configuration > Settings → "Multi-Currencies" section.

Setting Up Currencies

1. Go to General Settings > Currencies → Add currencies.
2. Quickenerp auto-updates exchange rates daily (from a free provider).
3. To update rates manually: Currencies → click a currency → "Update Rate Now".
4. Set Rate Providers: European Central Bank, Yahoo Finance, or custom.

Multi-Currency Transaction Flow

1. Create a price list in EUR → assign to a European customer.
2. Create a quotation/invoice in EUR. Prices use the EUR price list.
3. Quickenerp shows both the EUR total and the company currency equivalent (if different).
4. Exchange rate is locked at invoice creation time.
5. When the customer pays in EUR, the payment is recorded in EUR.
6. Exchange gain/loss is calculated and posted automatically on reconciliation.

Exchange Gain/Loss

• Recorded when the exchange rate at payment differs from the rate at invoice creation.
• Posted to a "Exchange Gain" or "Exchange Loss" account.
• Configure these accounts in Settings → "Exchange Gain/Loss Account".
• Unrealised gains/losses are computed at period-end (manual process).

Multi-Currency Bank Accounts

Create separate bank journals for each currency: "USD Bank", "EUR Bank", "GBP Bank". Each journal has its own currency and bank account.