You may purchase goods from suppliers (vendors) in a foreign country and sell goods to customers (clients) in a foreign country. 

TurboCASH5 allows you to print documents in the foreign currencies. 

Before you process documents in foreign currencies, you need to add and / or update the currencies. 

You may add any of the available 180 currency rates. As the currency rates changes on a daily basis, sometimes hourly, you need to update (add / change (edit) your currencies before processing documents and selecting the currencies on sales documents (Invoices, Credit notes and Quotes (Estimates))  or purchase documents (Purchases, Supplier returns and Orders). 

You need to create (add) a "Currencies - Gains / Loss account" in the Chart of accounts in Accounts (Action ribbon) to record the transactions for the Gains and Losses on currency rates and fluctuations.

Please consult the Tax legislation and / or other legislation applicable to your country.

Add multi-currencies 

1.On the Setup ribbon, select Setup Currencies.

2.Add the currencies.

currencies-setup

A currency rate larger than the base currency rate = 1, should translate to a gain on foreign currency.

A currency rate smaller than the base currency rate = 1, should translate to a loss on foreign currency. 

Currency rates supports all the necessary number of decimal digits. 

In this example, only 1 decimal symbol is used for illustrative purposes. 

You may print a report for the currencies on the Reports Currencies menu (Reports ribbon) 

Delete currencies

To delete the currencies, select the currency and click on the record-button-cancel-record icon. A confirmation message will be displayed:

 "Delete record?"  

Click on OK to remove the selected currency. 

The base currency "No. 0 - Default " cannot be deleted.  

Process multi-currency documents

1.Create an Invoice as usual.

2.Select the Currency. 

currencies-invoice-select

Once documents (e.g. Invoices are updated (posted to the ledger), you cannot change the currency rate. 

You need to make sure that the documents are printed at the correct currency rate before you post (update) the documents to the ledger. 

An example, where the Invoice document layout file is printed in the default base currency e.g. ZAR = 1, the amounts will be displayed similar to a normal invoice printed with the base currency or in Set of Books with no currency: 

 documents-print-default-base-currency

At the bottom of the document layout files,a time stamp (Date and time) indicates when the document is printed or reprinted. 

Invoice example printed in USD $

An example, where the Invoice document layout file is printed in the the USD currency which is higher than the base currency e.g. ZAR = 1 and USD = 11 for illustration purposes, the amounts and $ currency symbol will be displayed. The normal selling price is calculated with the currency rate as entered (or edited) in the Setup Currencies (Setup ribbon)

currencies-invoice-printed-usd

Invoice example printed in Euro € 

An example, where the Invoice document layout file is printed in the the USD currency which is higher than the base currency e.g. ZAR = 1 and Euro currency = 0.9, for illustration purposes, the amounts andcurrency symbol will be displayed. The normal selling price is calculated with the currency rate as entered (or edited) in the Setup Currencies (Setup ribbon):

 currencies-invoice-printed-euro

Receiving payment 

The payment from a different country may differ from the original invoice (e.g. Invoice 1265.00 and payment received 1300.00) due to currency fluctuations.  

In this example, the transaction for the payment received is recorded to the Currencies - Gains / Loss account. 

currencies-payment-received

currencies-payment-received-t-account-viewer


Allocate payment received to the debtor (customer / client) account

currencies-payment-received-to-customer

The amount received in the bank account, is 1300.00 and the debtor invoice is 1150.00. The outstanding debtors amount for the receipt need to be transferred (allocated) to the debtor (customer / client) account.

currencies-payment-received-customer-account

Transactions in Currencies - Gains / Loss account 

 currencies-payment-received-gain-loss-account