Steps
- Open Accounting settings. In the back office sidebar, click Accounting, then Settings, and scroll to Currencies.
- Turn on a currency. Use Turn on a currency to pick the currency you deal in, for example USD for a supplier in the United States.
- Enter today's rate. Next to Today: 1 unit =, type the value of one unit in your business currency in the Enter a rate box.
- Save the rate. Click Save rate. The Rate from column shows where the stored rate came from.
- Update rates as they change. Come back and enter a new rate on the days you record foreign-currency transactions.
- Turn off a currency. Click Turn off for a currency you no longer use. It disappears from the list of active currencies.
Good to know
Your business currency is set in Business Settings and is the currency your books are kept in. Rates here convert other currencies into it.
If the page says the currency list is not set up yet, contact support. Accounting is an add-on module. The Accounting item shows in the back office sidebar only when your subscription includes it and your role has the Accounting permissions.
Frequently asked questions
Which way round is the exchange rate?
Enter how much one unit of the foreign currency is worth in your business currency. For example, with books in CAD, a USD rate of 1.37 means one US dollar equals 1.37 Canadian dollars.
Do I need to enter a rate every day?
Only on days you record transactions in that currency. Enter the rate for that day so the conversion matches what your bank actually used.
Can I change my business currency here?
No. This screen manages other currencies and their rates. Your base currency is set in Business Settings when the business is created.