{"id":605,"date":"2009-04-01T17:46:58","date_gmt":"2009-04-01T17:46:58","guid":{"rendered":"http:\/\/www.clearbooks.co.uk\/blog\/?p=605"},"modified":"2018-11-07T10:38:55","modified_gmt":"2018-11-07T10:38:55","slug":"multi-currency-accounting-beta","status":"publish","type":"post","link":"https:\/\/www.clearbooks.co.uk\/blog\/multi-currency-accounting-beta\/","title":{"rendered":"Multi-currency accounting beta"},"content":{"rendered":"<p>ClearBooks supports multi-currency invoicing and multi-currency bank accounts.\u00a0This is an early beta feature.\u00a0 Whereas the core ClearBooks accounting system is still in beta but has been extensively tested, multi-currency accounting is at an early release stage.<\/p>\n<p>We would invite our beta testers to experiment with multi-currency separately from accounts which are actively\u00a0being used. To enable multi-currency go to the &#8220;Settings&#8221; menu to turn it\u00a0on.<\/p>\n<p>You can read more about <a href=\"https:\/\/www.clearbooks.co.uk\/multicurrency-accounting-software\/\">multi currency accounting here.<\/a><\/p>\n<p><strong>Invoicing in foreign currencies<\/strong><\/p>\n<p>Creating an invoice in a foreign currency is straightforward. There are two additional fields that are now available in the Add Invoice form\u00a0(Note that these fields can be ignored when you are raising a normal invoice).<\/p>\n<ul>\n<li><strong>Currency<\/strong> Select the currency you would like to raise the invoice in.<\/li>\n<li><strong>Exchange Rate<\/strong> Enter the exchange rate to use for the transaction. The system will attempt to\u00a0pre-populate the exchange rate\u00a0with\u00a0daily data\u00a0from the ECB.<\/li>\n<\/ul>\n<p><em>Note: After selecting a\u00a0currency you will\u00a0need to hit the refresh button to update the form. This will be automated in due course.<\/em><\/p>\n<p>When you view your multi-currency\u00a0invoice or download it as a pdf the invoice will be displayed showing foreign currency symbols and amounts.<\/p>\n<p><strong>Payment<\/strong><\/p>\n<p>When funds are\u00a0received for a multi-currency invoice these will be deposited in\u00a0your bank account&#8217;s currency.<\/p>\n<p>Therefore an invoice of $100 for which you have received \u00a365 in your sterling\u00a0bank account may, due to changes in exchange rates, have originally been worth \u00a360 when the invoice was initially\u00a0created.<\/p>\n<p>Differences due to currency fluctuations can be allocated against the &#8216;Forex movement&#8217; account to ensure that settled invoices are marked as full paid.<\/p>\n<p><strong>Foreign Currency Bank Accounts<\/strong><\/p>\n<p>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.<\/p>\n<p>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\u00a0these\u00a0transactions you will be required to enter\u00a0 the exchange rate.<\/p>\n<p>Foreign currency bank accounts can be viewed\u00a0in either the foreign currency or as converted into your reporting (default) currency.<\/p>\n<p><em>Note: One limitation of the system currently is that you can only allocate foreign currency invoices against foreign currency accounts.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>ClearBooks supports multi-currency invoicing and multi-currency bank accounts.\u00a0This is an early beta feature.\u00a0 Whereas the core ClearBooks accounting system is still in beta but has been extensively tested, multi-currency accounting is at an early release stage. We would invite our [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-605","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Multi-currency accounting beta | Clear Books<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.clearbooks.co.uk\/multicurrency-accounting-software\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Multi-currency accounting beta | Clear Books\" \/>\n<meta property=\"og:description\" content=\"ClearBooks supports multi-currency invoicing and multi-currency bank accounts.\u00a0This is an early beta feature.\u00a0 Whereas the core ClearBooks accounting system is still in beta but has been extensively tested, multi-currency accounting is at an early release stage. 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