AdhithJuly 29, 2019
The most efficient multi currencies system simplify FX management tasks and help to protect the company’s profit margins while minimizing manual workload allow you to send sales invoices, quotes and purchase orders or receive bills and payments in currencies other than your own. With multi-currency option, you can set up bank accounts in other currencies and run reports on your foreign currency activities. Now let's have a look into odoo currency exchange, multi currency in odoo, and currency exchange rate on odoo purchase and sales..
Activate multi currencies
To use the multi currencies option,you need to activate it
This is managed by accounting module
In odoo 11 there is no accounting module as straight, to get full accounting features inside invoicing module
To activate multi currencies
invoicing->configuration->settings->currencies->put tick mark on multi-currencies
To set exchange rate journal
The Rate Difference Journal records the differences between the payment registration and the expected amount. For example, if a payment is paid 1 month after the invoice was issued, the exchange rate has probably changed. The fluctuation implies some loss or profit that are recorded by Odoo.
invoicing->settings->currencies->exchange gain or loss journal
View or edit rate
You can configure currency rate in two ways
You can manually configure the currency rates in invoicing -> Currencies -> select activated currency(or to activate currency then) -> rates -> . Open the currency you want to use in Odoo and edit it. Make sure the currency is active.
By default, the currencies need to be updated manually. But you can synchronise it with Yahoo or the European Central Bank.
To activate automatic configuration
Invoicing -> settings -> currencies -> Automatic currency rate
You must have the correct version to enable this service
Configure your charts of account
In the accounting application, go to invoicing -> accounting -> chart of accounts ->.
On each account, you can set a currency. It will force all moves for this account to have the account currency.
If you leave it empty, it means that it can handle all currencies that are Active.
In order to register payments in other currencies, you have to remove the currency constraint on the journal. Go to the accounting application,
Check if the currency field is empty or in the foreign currency in which you will register the payments. If a currency is filled in, it means that you can register payments only in this currency.
Sales order and invoices
You are now able to set a different currency than the company one on your sales orders and on your invoices. As a result, the currency is set for the whole document.
Purchases orders and Vendor Bills
You are now able to set a different currency than the company one on your purchase orders and on your vendor bills. As a result, the currency set for the whole document.
When creating or importing bank statements, the amount is in the company currency. But there are now two complementary fields, the amount that was actually paid and the currency in which it was paid.
When reconciling it, Odoo will directly match the payment with the right Invoice. You will get the invoice price in the invoice currency and the amount in your company currency.
To add currencies:
Hope you are clear about odoo currency exchange, Odoo multi-currency support, Currency exchange rate on odoo purchase, Currency exchange rate on odoo sale etc.