Multi-Currency

To use the multi-currency features in NolaPro, please use the following steps.

1. Activate the Multi-Currency add-on in Tools -> Add-ons (Enterprise level and above). 
2. Go to Admin -> System -> System Settings and set a Base Currency under the Region section. The base currency will be used for all inventory and payroll transactions and serves as the basis for conversions to other currencies. Click the Add/Edit/Activate Currencies link next to the Base Currency select box to turn on other currencies you'd like to use in your installation. You can also access currencies by going to Admin -> System -> Currency New/Edit.
3. For each currency you will need to create and assign a Currency Trading Account. You can click the plus button next to the Currency Trading Account box when editing a currency to create a new GL account. The Account Type for the trading account can be Other Income and Expenses. Trading accounts help maintain a record of conversion rates as sales and expense data goes into the general ledger. Trading account entries happen automatically when data is entered in the general ledger in a currency other than the base currency.
4. Create a bank account for each currency you’ll be using (Admin -> Ledger -> Bank Accounts). Be sure to set the Currency type when adding the new bank account.
5. When entering orders, invoices, vendor bills, POs, etc., you will be able to select the currency to use (the currency the customer will see on invoices and the vendor will see on POs). You can also select a default currency to be used for each customer and vendor. This default will be used when making new quotes, orders, invoices, purchase orders, vendor bills, etc.
6. When receiving customer payments, you will need to receive the funds in the same currency as the invoice. Be sure to select a bank account for Account Deposited To that matches the currency of the payment.
7. When making vendor payments, you will need to pay from a bank account in the same currency as the vendor bill. Choose a bank account to pay from that is set up with the appropriate currency.
8. When running GL reports, you can select the currency you wish to view the report in, but the default will always be your base currency.
9. You can create and review currency exchange rates by going to Admin -> System -> Currency Rates. 
10. You will notice that totals for various order, invoice, PO, vendor bill, etc. reports will have multiple total lines, with a total for each currency used in the reported group.
11. At the GL level the currency exchange rates will be recorded in the system via currency trading accounts. Income and Expense accounts will have transactions reported in the base currency, asset and liability accounts will use the invoice or bill currency, and trading accounts will manage the conversion between the two.
    For example, a November 8 customer invoice for 50 EUR with a USD base currency will go into the system like the following:
    50 EUR DEBIT to Accounts Receivable (asset account)
    50 EUR CREDIT to EUR-USD Trading Account (other income & expense)
    53.66 USD DEBIT to EUR-USD Trading Account (other income & expense)
    53.66 USD CREDIT to Sales (income account)
    If the EUR-USD Trading Account balance is examined on November 8, the 50 EUR and 53.66 USD amounts will net to zero. If the account is checked a month later and a different conversion rate is used for EUR to USD, the EUR-USD Trading Account may have a positive or negative balance depending on currency movement since November 8. You can realize these currency gains or losses in line with your company procedures by creating direct general ledger entries.
12. Please report any issues you run into or questions you may have with the multi-currency system to NolaPro via a ticket at support.nolapro.com.

Thank you!