A pursuing business association’s Product/Service’s extension isn’t restricted to the local market, however, stretches out to the world market too. What’s more, global trades dependably include the monetary forms other than the residential one. Such an association’s ERP solution ought to have multi-currency support to keep the accounting and other related records in place. Odoo is an all-inclusive ERP bundle which suits the worldwide and as well as most of the local standards. In Odoo, the client can design various monetary standards, set its conversion scale and dole out various monetary standards. Odoo will enable you to send quotes, sales invoices and purchase orders or receive payments and bills in currencies other than the default/domestic currency. In this blog, I will disclose how to design and utilize different monetary forms in Odoo. For configuring multi-currency in Odoo you have to go:
- Accounting>Configuration>Settings>Multi Currencies
Enabling this option allows handling multiple currencies in Odoo.
If we receive payment against an invoice after a month of invoice creation, the exchange rate most probably will be changed. Here comes the Rate Difference Journal, it is used to create journal entry of loss or profit caused by the difference of currency exchange rate.
Click the arrow button in Rate Difference Journal and set the exchange rate so that you can balance the possible loss/gain from the fluctuation of currency exchange rates.
Multi-currency in Journal
Now let us see how multi-currency feature is used in accounting journals. To configure different currency for individual journals.
- Go to Accounting > Configuration > Accounting > Journals.
Click the Currency drop-down and select the currency. If we leave it empty, it means that it can handle all the currencies that are Active.