Adding a second currency

Watch · 1:18 Add a second currency

Your shop keeps its books in one base currency, and everything you have ever recorded is held in it. Adding another currency does not change that — it gives you a second way to price and take money on top of it.

Add the currency

1. Go to Business setup → Currency and choose Create.
2. Enter the standard three-letter code (EUR), the name (Euro) and the symbol (€).

Use the conventional code. Reports, exports and anything you hand an accountant are read by it.

Then set its rate — the right way round

This is the part that is commonly got backwards. Under Business setup → Exchange Rates:

The rate is what one unit of the other currency is worth in YOUR base currency. Your own currency always stays at 1. Enter it upside down and every converted figure is wrong — the kind of error that goes unnoticed for a month.

Rates are dated

Set the rate again whenever it moves. Each rate is stored with the date it applied from and kept in history, so a sale made last month is still converted at last month's rate rather than today's. There is also a converter on that page for checking a figure by hand.

A currency with no rate is only a label — nothing can be converted into or out of it until a rate exists.