Currencies and exchange rates in your books
If you deal in more than one currency, the Accounting add-on keeps a list of the currencies you use and today's exchange rate for each. Turn on the ones you need, enter the rate, and foreign amounts post to your books at a rate you can trace back to its source.
Multi currency in SeroPOS
Turn currencies on or off
Switch on only the currencies you actually deal in, so lists stay short.
Today's rate
Enter how much of your currency one unit of each foreign currency is worth today.
Rate source shown
The currencies screen shows where each rate came from, so it can be checked later.
One home currency
Your books stay in the business currency set in Business Settings.
Foreign supplier invoices
Purchases can be entered in a supplier's currency with an exchange rate on each one.
Traceable for your accountant
Rates recorded in SeroPOS mean nobody has to guess how a foreign amount was valued.
Who needs multi-currency
Canadian businesses near the border take US dollars, buy from US suppliers or sell to US customers. Importers pay overseas makers in their currency. Even a small online shop may be paid in more than one currency. Each time, the amount has to be turned into your home currency for the books, at some rate.
The problem is rarely the arithmetic. It is knowing later which rate was used and why. Keeping the rates in your accounting settings solves that. When the accountant asks how a US invoice became a Canadian figure, the answer should be in the books, not in someone's memory or a sticky note by the till.
Setting up currencies
Open Accounting in the back office, then Settings, and go to Currencies. Turn on the currencies you deal in. For each one, enter today's rate as the amount of your currency that one unit is worth, for example 1 US dollar equals a set number of Canadian dollars. The screen shows where each rate came from.
Update rates as often as your business needs. Some owners update weekly; businesses with large foreign transactions may update daily. Use the rate your bank gives you so your books match your bank. A consistent source makes the numbers easier to defend if anyone questions them later. Note any unusual rate in the purchase notes.
- Accounting, then Settings, then Currencies
- Turn on each currency you use
- Enter today's rate
- Check the source shown for each rate
Foreign currency purchases
Separately from the accounting settings, the core back office lets you enter purchases in a supplier's currency. Turn on purchases in other currency in the Purchases tab of Business Settings. Each purchase then has an exchange rate field, and SeroPOS converts the unit costs into your currency for stock value and margins.
Using both together, supplier invoices are entered as they read, stock is valued in your currency and your accounting records keep track of the rates. Your accountant can see both the rate on each purchase and the rates in your settings, which makes year-end checks much quicker and avoids guesswork about how a foreign invoice was valued.
Your home currency
Your business currency is set in the Business tab of Business Settings, with its symbol before or after the amount. Reports, the till and the books all use it. Foreign currencies are converted into it; they do not replace it. That keeps every total comparable. Mixed currencies never appear in one report.
The SeroPOS till sells in your business currency. If you accept another currency in cash at the counter, convert it at your posted rate and record the sale in your home currency. Multi-currency is part of the Accounting add-on module. Post the rate near the till so staff use the same one.
Frequently asked questions
Can SeroPOS handle more than one currency?
Your books and till use one business currency. The Accounting add-on keeps a list of other currencies with today's rate for each, and purchases can be entered in a supplier's currency with an exchange rate. Amounts are converted into your home currency.
Where do I enter exchange rates?
In the Accounting add-on, go to Settings, then Currencies. Turn on each currency you use and enter today's rate. For purchases, each foreign purchase also has its own exchange rate field. Both are kept with your records, so anyone checking later can see the rate used.
Can I sell in US dollars at the till?
The till sells in your business currency. If you accept US cash, convert the amount at your posted rate and record the sale in your home currency. Post your rate near the till so staff apply it the same way every time and customers know what to expect.
Does SeroPOS update exchange rates automatically?
You enter today's rate on the currencies screen, and it shows where each rate came from. Use your bank's rate so your books match the money that moved. A consistent source makes your figures easier to check later, both for you and for your accountant.
Which plan includes multi-currency?
The currencies screen is part of the Accounting add-on module. Entering purchases in another currency is part of the core back office and is turned on in Business Settings. You can use either one without the other, depending on how much foreign trade you do.