This article will provide an overview of how AutoEntry handles currency conversion on invoices.
AutoEntry displays the Net, VAT and Total as per the invoice and displays the currency used. If the currency on the invoice differs from the home currency of the company then AutoEntry automatically converts the total to the home currency using the exchange rate for the date of the invoice.
No Currency Conversion:
With Currency Conversion:
If required for any reason the currency is incorrect another currency can be selected from the drop down menu and the total is automatically recalculated.
This conversion is done automatically but if integrated with an accountancy package, it depends on the package as to which figure is published.
If there is a multi-currency option enabled in your package then AutoEntry will post the figures in the foreign currency. If there is no multi-currency option then they will be posted in the base currency as converted by AutoEntry. However, as all accountancy packages treat currency differently we have endeavored to apply the above as a standard.