Create a Foreign Currency Transactionadmin
- With any pricing plan in Clickentry, you can create transactions in a foreign currency.
- While creating a transaction, you can select your desired currency and edit the exchange rate, unit price, and tax rate.
How it Works
- By default, Clickentry shows your base currency in the currency dropdown.
- If you have set some default currency or sales tax for contact and there exists a transaction for the same contact then the currency field updates to the contact’s default currency as you select their name.
- When you are copying an invoice, bill or quote then Clickentry uses the same currency for the original transaction.
- When you create a new credit note for a specific invoice or bill then the credit will use the same currency as the original.
- Clickentry adds your inventory items in your organisation’s base currency. If needed then you can change the unit price and tax rate in the transaction.
- Clickentry allows you to change the default tax rate for the account you choose to a rate that doesn’t attract tax as determined by your local tax authority.
- If any sales tax is applied on a transaction in Clickentry then it will be included in reports on the date of the transaction at the rate on that date. Depending on the currency variations the value might change but the sale tax amount will remain the same. If you are not sure whether to record sales tax on an invoice or bill then you should consult your accountant or bookkeeper.
Before creating transactions with foreign currency, make sure you have added the same foreign currency in your organisation.
Create a Foreign Currency Transaction
- Create any transaction from the following:
- Create a quote or add an invoice.
- Create a purchase order or add a bill.
- Create or edit a repeating invoice or repeating bill.
- Add a customer credit note or a supplier credit note.
- From currency dropdown you can select the existing one. If you want to add new currency then click + Add Currency.
- (Optional) Update the exchange rate if required as it shows the most updated rate.
- (Optional) Make adjustment in each item’s unit price and tax rate (if required) to apply to the selected currency.
The rate or amount of sales tax for items purchased in another currency depends on what has been used for the bill or credit note. It might be on a separate transaction from a customs or freight source.
If you have applied sales tax on a transaction that is in another currency then Clickentry calculates the tax and shows it in the currency of the item. When the tax amount is converted to the base currency of your organisation then Clickentry uses the exchange rate on the date of the invoice or bill.