Skip to main content

Multi-Currency

Multi-Currency lets you bill customers and pay vendors in a currency other than your business's own, while your accounts and reports keep everything in your business's base currency. This is useful if you have overseas customers or vendors who expect invoices and bills in their own currency.

Setting Your Business's Base Currency​

Your base currency is the currency your books, reports, and totals are kept in.

  1. Go to Settings > Business Profile.
  2. Set the Business Currency.

This is the currency every report and financial statement will ultimately be shown in, regardless of what currency an individual invoice or bill was raised in.

Managing Your Currency List​

Before you can assign a currency to a contact, it needs to be added to your business's currency list.

  1. Go to Settings > Currency.
  2. Click Add Currency and choose the currency you want to make available.
  3. The list shows each currency's Currency ID, Currency Name, and Currency Symbol, with options to edit or remove entries.

Assigning a Currency to a Customer or Vendor​

Once a currency is available, you can tie it to a specific contact so every transaction with them defaults to that currency:

  1. Go to Master Data > Contacts, and open (or create) the customer or vendor.
  2. On the Payment Details tab, set the Currency field to the contact's currency.
  3. Save the contact.

This applies to both customers and vendors — a vendor billed in a foreign currency works the same way as a foreign customer.

How the Exchange Rate Is Captured on a Transaction​

When you create a new invoice or bill for a contact whose currency is different from your business's base currency, myBooksAi automatically looks up the current exchange rate for you and shows it near the top of the transaction as a badge, for example:

1 USD = 83.1200 INR

  • Click the exchange rate badge to edit it if you need to use a different rate than the one that was automatically fetched.
  • Item rates on the invoice or bill are automatically converted using this exchange rate, so your customer sees line items priced in their own currency while your item catalog stays priced in your base currency.
  • The exchange rate is fetched fresh only when you first create the transaction for that contact — editing an existing transaction won't silently change the rate on you.

Payments you record against a foreign-currency invoice or bill work the same way — the payment form shows and lets you adjust the same kind of exchange rate badge.

How Reports Reflect Base Currency​

Because item and transaction amounts are converted at the exchange rate when the transaction is created, your ledger, financial statements, and reports are always kept in your business's base currency — you don't need to do any manual conversion. Foreign-currency invoices and bills simply flow into the same base-currency totals as everything else.