Working with several currencies used to mean separate spreadsheets, manual recalculations and trying to remember the rate at which you exchanged money last month. We've added multi-currency accounting to RO App: your company sets its own rates or takes them from external sources, and every operation keeps the rate it actually went through at.
For example, some of your clients pay in US dollars. These payments arrive in a separate account in dollars and stay in that currency, and when you transfer part of the funds to an account in the base currency, the system records the exchange rate.
Company currencies and currency accounts
The Settings → Finance section now has a Currencies block. Here you add the currencies your company works with and set the rate of each one against the base currency. When a rate changes, you update it, and the system remembers who did it and when. Rates can also be updated automatically – through the exchange rate API.
When creating a financial account, you choose its currency. The balance and all operations stay in that currency, with no conversion into the base one. You can even pick a currency that isn't in your settings yet – the system will add it automatically. Keep in mind that the currency of an account cannot be changed later.
Read more about adding, editing and deleting currencies in the guide to managing company currencies.
Transferring funds with currency exchange
If you transfer funds from an account in one currency to an account in another, the system fills in the current rate and immediately shows how much will be debited and how much will arrive. You can change the rate for a specific operation – for example, if the bank exchanged your money at a different rate. This won't affect the rate in your settings.
Every completed transfer keeps the rate it was made at, so later rate changes don't affect it. The only limitation is that one of the accounts must be in the base currency.
Read more about such operations in the guide to transfers between financial accounts.
Balances by currency in the Total money report
The report is no longer limited to the base currency: each additional currency gets its own column with a total at the bottom of the table. Amounts aren't converted or added together, so you see balances separately in each currency.
Read more about working with the report in the guide to the Total money report.
This is the first stage of multi-currency support. We'll keep developing it and would be glad to hear what you're missing.
Have questions or suggestions? We're always available in the support chat.