Multi-Currency - Setup Tutorials

Overview#

Setting up accounting software for multiple currencies involves configuring your system to handle transactions in different currencies and to track exchange rates.

💡These tutorials explain how to set up QuickEasy BOS Professional to handle transactions in multiple currencies.

How to Enable Multi-Currency#

1. Navigate to Main Menu > Setup > Accounting.
2. Select Settings (tab).
3. Click the arrow next to Currencies to open it:
   1. Enable Multi-currency = Select Yes.
   2. Set the Name of your Local Currency.
   3. Name: Major Currency = Enter the names of your major currency (e.g. notes).
   4. Name: Minor Currency = Enter the names of your minor currency (e.g. coins).

How to Set Up Currencies#

1. Navigate to Main Menu > Setup > Accounting.
2. Select Settings (tab).
3. Click the arrow next to Currencies to open it.
4. Click Edit next to Currencies:
   1. Enter the Currencies you want to use, starting with your Local Currency.
   2. Set a Base Value for your currencies.
      • The Base Value of your Local Currency is always 1.
      • Get a guide rate quickly by asking a search engine (e.g. for Rand to Dollars, type in: How many dollars can R1 buy? The answer is in the correct format to enter in the Base Value column).
      • You can use up to 6 decimals.

How to Set Up Denominations#

1. Navigate to Main Menu > Setup > Accounting.
2. Select Settings (tab).
3. Click the arrow next to Currencies to open it.
4. Click Edit next to Denominations.
5. Fill in the Denominations for your Local Currency:
   1. The Description is the Currency in words and symbols (e.g. Two Hundred Rand - R200).
   2. Insert a specimen.
      • Note: Find specimen images on the website of your central bank (e.g. The South African Reserve Bank).

How to Set Up Bank Accounts for Foreign Currency#

1. Navigate to Main Menu > Setup > Accounting > Accounts.
2. Navigate to Bank Accounts (Statement of Financial Position > Assets > Bank).
3. For each Bank Account, select a Currency from the dropdown list in the Currency column.

How to Set Up Customer Accounts to Use Foreign Currency#

1. Navigate to Main Menu > Customers > Customers.
2. Double-click an existing customer to edit or click New (button) to create a new customer.
   • Note: If the same customer requires you to invoice them in multiple currencies, you must create a separate account for each Currency.
3. Click the Accounting tab.
4. Currency = Select the currency in which to invoice a customer.
5. VAT = Change the VAT, if applicable.
6. Click Save (button).

How to Set Up Supplier Accounts to use Foreign Currency#

1. Navigate to Main Menu > Suppliers > Suppliers.
2. Double-click an existing supplier to edit or click New (button) to create a new supplier.
3. Navigate to the Accounting tab.
4. Currency = Select the currency in which the supplier invoices you.
5. Change the VAT, if applicable.
   • Note: In South Africa, choose No VAT when a supplier is not registered for VAT.
6. Click Save (button).

How to Set Up Entry Types to use Foreign Currency#

1. Navigate to Main Menu > Setup > Accounting > Entry Types (tab).
2. Check the Forex column to allow transactions in foreign currencies.
3. Select a VAT Type from the dropdown list in the VAT (Forex) column.