Set Up Multi-Currency

Last Updated: January 25, 2024 15:12

Introduction

The multi-currency functionality allows you to issue invoices in different currencies. Each currency can have a separate exchange rate that's entered into the system.

Enabling Multi-currency Mode

To enable the functionality, navigate to Settings/Billing & Products/Billing Rules. There, you will find a checkbox called Enable multi-currency mode. Once enabled, you'll be able to add different currencies and the appropriate exchange rates.

The exchange rates are entered manually and do not change unless manually edited.

How to Set a Customer's Preferred Currency

You can set a specific currency for each customer you have in OfficeRnD. This can be very useful if you have lots of clients needing to be billed in different currencies.

To set a currency for a customer, open their profile and click Edit. In the newly opened window, click on the Billing Details tab. There, you'll see a drop-down menu with all currently enabled currencies.

You can choose the one to be used by default for this customer. By doing so, every subsequent invoice for this customer will be issued in the chosen currency.

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How to Generate an Invoice With a Different Currency

Once the multi-currency settings are entered, you can open a member/company profile and click Add invoice. The drop-down menu called Currency will let you select the currency of the invoice that's going to be issued.

The currency of an existing invoice cannot be changed.

When you're editing the invoice and selected a currency that's different from your organization's default currency, the system will display the former. It will also show you the conversion rate and how the amount has been converted into the number that you're currently seeing.

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Accounting Integrations and Multi-currency

Both accounting integrations in OfficeRND currently support multi-currency:

Note that both integrations need to have multi-currency enabled before you enable it in OfficeRnD, otherwise you won't be able to sync any documents.

Payment Gateways and Multi-currency

Not all payment gateway integrations support multi-currency. Please view our list of currently available integrations to see which of them have this functionality available.

Any invoice issued in a different currency than the default one will be charged by the payment gateway in the currency visible in the Amount Due section of the invoice.