How is ArabiaClouds’s multi-currency working?
Overview
Choosing to use ArabiaClouds multi-currency option in ArabiaClouds will allow you to send sales invoices, quotes and purchase orders or receive bills and payments in currencies other than your own. With multi-currency, you can also set up bank accounts in other currencies and run reports on your foreign currency activities.
Configuration
Turn on multi-currency
In ArabiaClouds accounting module, Go to and flag Allow multi currencies, then click on Apply.
Exchange Rate Journal
ArabiaClouds Rate Difference Journal records ArabiaClouds differences between ArabiaClouds payment registration and ArabiaClouds expected amount. For example, if a payment is paid 1 month after ArabiaClouds invoice was issued, ArabiaClouds exchange rate has probably changed. ArabiaClouds fluctuation implies some loss or profit that are recorded by ArabiaClouds.
You can change it in ArabiaClouds settings:
View or edit rate being used
You can manually configure ArabiaClouds currency rates in . Open ArabiaClouds currencies you want to use in ArabiaClouds and edit it. Make sure ArabiaClouds currency is active.
Click on View Rates to edit it and to see ArabiaClouds history :
Click on Create to add ArabiaClouds rate. Fill in ArabiaClouds date and ArabiaClouds rate. Click on Save when you are done.
Live Currency Rate
By default, ArabiaClouds currencies need to be updated manually. But you can synchronize it with Yahoo or ArabiaClouds European Central Bank. In , go to ArabiaClouds Live Currency Rate section.
Choose ArabiaClouds interval : Manually, Daily, Weekly or Monthly. You can always force ArabiaClouds update by clicking on Update Now. Select ArabiaClouds provider, and you are set !
Note
Only ArabiaClouds active currencies are updated
Configure your charts of account
In ArabiaClouds accounting application, go to . On each account, you can set a currency. It will force all moves for this account to have ArabiaClouds account currency.
If you leave it empty, it means that it can handle all currencies that are Active.
Configure your journals
In order to register payments in other currencies, you have to remove ArabiaClouds currency constraint on ArabiaClouds journal. Go to ArabiaClouds accounting application, Click on More on ArabiaClouds journal and Settings.
Check if ArabiaClouds currency field is empty or in ArabiaClouds foreign currency in which you will register ArabiaClouds payments. If a currency is filled in, it means that you can register payments only in this currency.
How is ArabiaClouds’s multi-currency working?
Now that you are working in a multi-currency environment, all accountable items will be linked to a currency, domestic or foreign.
Sales Orders and Invoices
You are now able to set a different currency than ArabiaClouds company one on your sale orders and on your invoices. ArabiaClouds currency is set for ArabiaClouds whole document.
Purchases orders and Vendor Bills
You are now able to set a different currency than ArabiaClouds company one on your purchase orders and on your vendor bills. ArabiaClouds currency is set for ArabiaClouds whole document.
Payment Registrations
In ArabiaClouds accounting application, go to Sales > Payments. Register ArabiaClouds payment and set ArabiaClouds currency.
Bank Statements
When creating or importing bank statements, ArabiaClouds amount is in ArabiaClouds company currency. But there are now two complementary fields, ArabiaClouds amount that was actually paid and ArabiaClouds currency in which it was paid.
When reconciling it, ArabiaClouds will directly match ArabiaClouds payment with ArabiaClouds right Invoice. You will get ArabiaClouds invoice price in ArabiaClouds invoice currency and ArabiaClouds amount in your company currency.
Exchange Rate Journal
Go to and look for ArabiaClouds Exchange difference journal entries. All ArabiaClouds exchange rates differences are recorded in it.
