A business may enter into a transaction where it is scheduled to receive a payment from a customer that is denominated in a foreign currency or to make a payment to a supplier in a foreign currency.
Before any foreign currency can be processed, the Currency Setting must be enabled in Company Preferences.
If your accounting integration is with QuickBooks Online, Order Time will synchronize the currency list from QuickBooks and this profile list will be disabled.
Add a Currency
To access the Currency settings, click on the Gear icon in the upper right corner of the screen. Under the General section, click on Profile Lists. On the Profile Lists, under the General section select Currency.
- You can add as many currencies as you need. First you need to give the currency a Name as well as provide its Symbol.
If you decide to make use of foreign currency in your database, you'll probably need to update this list more often than your other profile lists.
Exchange rates are constantly in flux, and you'll want to make sure your rates are occasionally updated. While market rates can fluctuate every 20 seconds or so, they typically do so in very minute amounts.
The Code field lets you specify a special code to use in reference to the particular currency, for example 'USD'.
Now that you have set up the currencies, you must tell the software that a particular customer or vendor is foreign. You do this by opening up the customer or vendor editor and picking a currency from the 'Currency' drop down list.
Now when you create a transaction with a foreign customer or vendor (PO, SO, Ship Doc, Receiving Doc) your prices and costs will be in their default currency! In the database however, prices and costs will be stored in your home currency. In other words the screen and your forms that you send to the customer or vendor will be in their currency but the internal reports (i.e. open sales orders, ship doc log etc) will be in your currency.
The currency, which is editable, is shown on the transaction.
Transactions are stated in their respective currencies in all areas of the program except reports. Reports are reflect values in your home currency.