Manage a bank in a foreign currency¶
In Flectra, every transaction is recorded in the default currency of the company. Reports are all based on the currency of the company. But for transactions occurring in another currency, Flectra stores both the value in the currency of the company and the value in the currency of the transaction.
When you have a bank account in a foreign currencies, for every transaction, Flectra stores two values:
The debit/credit in the currency of the company
The debit/credit in the currency of the bank account
Currency rates are updated automatically using yahoo.com, or the European Central bank web-services.
Activate the multi-currency feature¶
In order to allow your company to work with multiple currencies, you should activate the multi-currency mode. In the accounting application, go intomake sure the Allow Multi-currencies box is ticked. Provide a Currency Exchange Gain / Loss account, then click on Apply.
Once the Flectra is configured to support multiple currencies, you should activate the currencies you plan to work with. To do that, go to the menu. All the currencies are created by default, but you should activate the ones you plan to support (to activate a currency, check its “Active” field).
After having activated the currencies, you can configure the parameters to automate the currency rate update. These options are also in the settings of the Accounting application, in the bottom of the page: