iX ERP enables users to process multi-currencies transactions in all its screens like invoices, customers and suppliers payment and cash transactions. iX ERP handles the conversion between currencies using your entered exchange rate for the day or exchange rate entered inside every transaction, also iX ERP calculates the foreign currency profit and loss if you have a difference in the converted value.
The base (local) currency is set automatically when you choose your base currency in your company setup screen, all other recorded currencies will be converted against the base currency using daily entered exchange rate.
Add a currency:
Banking and General Ledger > Basic Data > Currencies
You can add your desired currencies with its symbol, Name, Country and Hundredths symbol to be used as a currency in iX ERP, after adding the currency it will automatically appear in all iX ERP screens, please note that to start using your new currency in any transactions you should fill at least one exchange rate against the base currency.
Banking and General Ledger > Basic Data > Exchange Rates
Use exchange rates screen to record daily foreign currencies exchange rate based on your country central bank or your bank.
Please note if you entered the currency exchange rate in one of the screens of the transaction like customer payment, it will be recorded automatically in your foreign currency daily exchange rate record.
Exchange Variance Account:
iX ERP automatically calculates the foreign currencies gain and loss and record these amounts for every transaction with an automatic journal entry, please make sure that you had set up an account in the chart of accounts dedicated for this purpose, and set it up under the “System and GL setup” screen in “Exchange Variances Account” field.