Check these out next
Managing Currencies in Odoo 15 | Odoo Accounting
0 likes
views
- Choosing to use the multi-currency option in Odoo will allow you to send sales invoices, quotes, and purchase orders or receive bills and payments in currencies other than your own. - Users can configure multiple currencies for the transaction, set its exchange rate, and assign different currencies for individual partners and charts of accounts, run reports on their foreign currency activities. - In the accounting module, Go to Configuration ‣ Settings and flag Allow multi-currencies, then click on Apply. - Exchange Rate Difference Journal: It records the differences in payment registration and the expected amount. If we receive payment against an invoice after a month of invoice creation, the exchange rate most probably will be changed. - This Rate Difference Journal is used to create journal entries of loss or profit caused by the difference in the currency exchange rate.
Recommended
Managing Currencies in Odoo 15 | Odoo Accounting
- How to Manage Currencies in Odoo 15 Enterprise www.cybrosys.com
- INTRODUCTION ❖ Choosing to use the multi-currency option in Odoo will allow you to send sales invoices, quotes, and purchase orders or receive bills and payments in currencies other than your own. ❖ Users can configure multiple currencies for the transaction, set its exchange rate, and assign different currencies for individual partners and charts of accounts, run reports on their foreign currency activities. ❖ Odoo will allow you to send sales invoices, quotes, and purchase orders or receive bills and payments in currencies other than the default/domestic currency.
- ❖ Goto Accounting > Configuration > Settings ❖ Activate Main Currency and Automatic Currency Rates ❖ Click on Currencies
- ❖ Depending upon the requirement we can convert our company currency to other currencies available. ❖ Goto Customers > Products ❖ Sales price and cost price are set in USD.
- ❖ Goto Vendors > Open One > Sales & Purchase ❖ Set supplier currency as INR
- ❖ Goto Vendors > Bills ❖ Click on Create ❖ Choose vendor for which we have set supplier currency and then find price is converted to INR
- ❖ Click on Confirm
- ❖ Click on Register Payment
- ❖ Choose amount of currency ❖ Click on Create Payment
- ❖ Goto Accounting > Bank and Cash ❖ See Amount in currency in INR and debit & credit in USD
- ❖ Goto Customers > Invoices ❖ Click on Create ❖ See USD is converted to EUR
- ❖ Click on Confirm
- ❖ Goto Accounting > Sales
- ❖ Goto Configuration > Settings ❖ Activate ❖ It records the differences in payment registration and expected amount.
- ❖ Goto Sales > Products > Pricelists > Open ❖ Change currency of pricelists
- ❖ Goto Orders ❖ Click on Create ❖ Bag price in USD is converted to INR.
- ❖ Goto Accounting > Configuration > Chart of Accounts ❖ Click on Setup ❖ Set a currency
- ❖ Goto Configuration > Journals
- ❖ Goto Reporting > Unrealized Currency Gains/Losses ❖ This report will display all open amounts on your balance sheet that need to be reevaluated.
- For More Details Check our company website for related blogs and Odoo book. Odoo Book V15 Check our YouTube channel for functional and technical videos in Odoo. How to Manage Currencies in Odoo 15
- Thank You