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.
Go to Invoicing module :
Configuration --> Settings --> Allow Multi Currencies
Enable the check box to use the Odoo Multi Currency feature.
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.
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.
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.
The amount of the commodity is automatically changed in to USD which was given in Indian Rupees.
See the paid date and 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.
Go to Accounting --> Journal Entries.
Here the entries seems to be completely in balance.
On checking the reconciled entries one can understand that, the amounts actually are not balanced. But added the difference to the journal.
This is how Odoo manages to add the differences to the journal automatically while handling the Multi National Currencies.