Multi-Currency has now introduced the Multi-Currency feature, which makes recording foreign currency transactions simple and easy.

When a foreign currency transaction is recorded, we have it all covered to automatically calculate Realised Exchanges Gains/Losses

In addition, there is an option to revalue foreign currency bank accounts, the system will calculate the balance with revaluation gains and losses.

Multi-currency enables you to link a foreign Currency with

  • Customer
  • Supplier
  • Bank

This is a premium feature, speak to the Fast Accounts support team to enable this feature.

How to add a Foreign Currency

By default, all companies are linked with Pakistan Rupee as the Base Currency, however, you can ask the Support team to change the Base Currency.

Once Multicurrency is enabled, the base currency can’t be changed.

To add new foreign currencies,

  1. Go to Settings
  2. Select Currencies
  3. On the Currency List Select Add New
  4. From the Dropdown select the Currency to add
  5. Press Save & Close

Setup Foreign Currency Customer / Supplier

Once the Multicurrency module is enabled, When setting up the Customer records, it can be linked to the customer currency.

Simply add Customer, and on the “Terms” tab, select the Customer Currency.

The Currency linked with the Customer is non-editable. Once a currency is linked with a Customer you will be able to record customer-related transactions in Customer Currency.

Setup Foreign Bank Accounts

  1. Go to Bank
  2. Select Account Balance
  3. Select Add New
  4. When adding a new bank account select the currency from the dropdown list.

Sales Invoices

When adding a sale invoice of a foreign currency Customer, there will be an option to add an exchange rate.

Say, a GBP customer is invoiced in GBP at an exchange rate of 0.005. Press the Green Save Icon to update the exchange rate. This will appear on the next GBP transactions.

Simply, record the invoice in GBP and press Save & Close

Sales Receipts

Sales Receipts for the Sale Invoices raised in a specific Currency can only be done in the bank accounts linked with the same currency.

When recording the sale receipt specify the exchange rate applied to the receipt. Let’s assume the exchange rate at receipt is 0.5230.

It’s all done, Fast Accounts will automatically calculate the exchange gain and losses on the relevant transaction.

Bank Revaluation

The bank Revaluation process is very simple in Fast Accounts,

  1. Go to Bank
  2. Select Revaluation (this screen provides you with the list of previous revaluations)
  3. Select Add New
  4. Select the Currency & Enter the revaluation Date then Press Apply
  5. Enter the Exchange rate for the revaluation Date
  6. It Calculates Revalued Balances and Gain / Loss
  7. Press Save & Close.

Fast Accounts making cloud accounting easy, for further Information and Support call our Support team.