Help Article

Create a multi-currency invoice

Links

Settings

Steps

1. Navigate Settings > Toggle Features

2. Turn on Beta Features click Confirm Changes

3. Turn on Multi-Currency click Confirm Changes

4. Navigate Sales > Invoices click Create New Invoice

5. Enter details of the invoice and select the currency to invoice in

Clear Books can create Multi-Currency invoices, however the ability to do this needs to be turned on in settings first.

Step 1.

Navigate Settings > Toggle Features.

Step 2.

Find the Beta Features section. Turn on Beta features and click confirm changes.

Step 3.

Turn on Multi-Currency click Confirm Changes.

Toggle Features Page With Multi-Currency Turned On

Step 4.

Navigate Sales > Invoices click Create New Invoice.

Step 5.

Enter details of the invoice and select the currency you want to invoice in. Once everything has been entered correctly click Confirm Invoice.

We would invite our beta testers to experiment with multi-currency separately from accounts which are actively being used. To enable multi-currency go to the “Settings” menu to turn it on.

Invoicing in foreign currencies

Creating an invoice in a foreign currency is straightforward. There are two additional fields that are now available in the Add Invoice form (Note that these fields can be ignored when you are raising a normal invoice).

• Currency Select the currency you would like to raise the invoice in.
• Exchange Rate Enter the exchange rate to use for the transaction. The system will attempt to pre-populate the exchange rate with daily data from the ECB.

Note: After selecting a currency you will need to hit the refresh button to update the form. This will be automated in due course.

When you view your multi-currency invoice or download it as a pdf the invoice will be displayed showing foreign currency symbols and amounts.

Payment

When funds are received for a multi-currency invoice these will be deposited in your bank account’s currency.

Therefore an invoice of $100 for which you have received £65 in your sterling bank account may, due to changes in exchange rates, have orginanlly been worth £60 when the invoice was initially created.

Differences due to currency fluctuations can be allocated against the ‘Forex movement’ account to ensure that settled invoices are marked as full paid.

Foreign Currency Bank Accounts

Adding a multi-currency bank account requires one additional field to be completed in the normal new bank account form. In the case below a US dollar bank account would be created.

When you import a multi-currency bank statement or re-create a manual foreign currency bank statement ClearBooks will know that the transactions are in a different currency. When you explain these transactions you will be required to enter  the exchange rate.

Foreign currency bank accounts can be viewed in either the foreign currency or as converted into your reporting (default) currency.

Note: One limitation of the system currently is that you can only allocate foreign currency invoices against foreign currency accounts.