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Odoo 13 Multi Currency Feature

Odoo 13 Multi Currency
Author

Anjali AjithJan. 15, 2020

When we are dealing with international clients, there might be situations that arise in payments due to change in currency rates. Suppose an invoice is issued to a Canadian client on one day and he/she registers the same amount for payment on another day. The both does not may tally each other. The difference in the amount is mark as gain /loss in a journal to close the transaction. Odoo can easily manage these currency differences in its rate difference journal. In this blog we discuss in detail the Odoo 13 Multi Currency features.

Configuration Of Odoo 13 Multi Currency

Go to Invoicing module :

Configuration --> Settings --> Allow Multi Currencies

Enable the check box to use the Odoo Multi Currency feature.

To enable multi currency feature in Odoo 13

You can activate other currencies by clicking on the corresponding link below it.

Or go to Settings --> Currency, select a currency Click on Edit to tick the check box to activate the currency.

Odoo 13 activate other currencies

Now I am going to create two rates for a United States Dollar, because I am going to deal with dollar rates on two dates.

Odoo 13 multi currency rates

So creating an invoice on 18/11/2019 at a rate of 1.4 USD and paying same amount on 2/12/2019 at 1.6 USD will be sufficient to analyze the difference in rates.

Go to Customers --> Invoices --> Create in the invoice module to create an invoice.

Create Invoice

The amount of the commodity is automatically changed in to USD which was given in Indian Rupees.

Register Payment

  • Now Post the draft invoice and Register the Payment.
  • Change the payment date to 2/12/2019.
  • Note the journal.
  • Validate the payment.

register payment

See the paid date and payment information.

payment information

Click on the Journal Items tab see more details. Also note that, the amount is same in both debit and credit. Odoo automatically identifies the difference and update the journal entries in Exchange Difference Journal.

Odoo 13 Multi Currency Journal items

Go to Accounting --> Journal Entries.

Here the entries seems to be completely in balance.

Journal Entries in Odoo 13 Multi Currency

On checking the reconciled entries one can understand that, the amounts actually are not balanced. But added the difference to the journal.

Reconciled entries in Odoo 13

This is how Odoo manages to add the differences to the journal automatically while handling the Multi National Currencies.

Odoo developemnt

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