Frequently Asked Questions
How do I enable the multi currency capabilities of the program?
Last Updated 7 years ago
Bookkeeping4 Standard Edition does not support multi-currency capabilities by default however this can be purchased via an in-app purchase. The Standard Edition only works with your devices default currency until you purchase the multi-currency in-app purchase.
The multi-currency capabilities of Bookkeeping4 are enabled by selecting the local currency on the "Book Details" screen. The "Local Currency" field allows you to select the local currency of the book. The local currency is the currency that is used for the balance sheet and profit & loss statements.
Once the multi-currency capabilities have been enabled you will be able to enter sales and purchases for any currency you choose. You can even buy something in one currency, pay for it in another currency, and record your books in a third currency. You can also set up foreign currency bank accounts and track both the local currency balance and foreign currency balance.
If you are selling the same item in multiple currencies then you can use the pricing groups facility to set a different price for each currency that you sell the item in. You then attach the pricing group to one or more inventory items and these prices will be used by default when selling the items. This makes it quick and easy to change prices as you can change the prices on the pricing group and it will be automatically changed for every inventory item that is attached to the pricing group.
If you transfer money from your local currency bank account to a foreign currency bank account, and then later transfer the money back from your foreign currency account to your local currency account, then the program will automatically calculate the foreign exchange profit or loss that occurred as a result of the change in exchange rates between when you first transferred the money and when you transferred it back.
The multi-currency capabilities of Bookkeeping4 are enabled by selecting the local currency on the "Book Details" screen. The "Local Currency" field allows you to select the local currency of the book. The local currency is the currency that is used for the balance sheet and profit & loss statements.
Once the multi-currency capabilities have been enabled you will be able to enter sales and purchases for any currency you choose. You can even buy something in one currency, pay for it in another currency, and record your books in a third currency. You can also set up foreign currency bank accounts and track both the local currency balance and foreign currency balance.
If you are selling the same item in multiple currencies then you can use the pricing groups facility to set a different price for each currency that you sell the item in. You then attach the pricing group to one or more inventory items and these prices will be used by default when selling the items. This makes it quick and easy to change prices as you can change the prices on the pricing group and it will be automatically changed for every inventory item that is attached to the pricing group.
If you transfer money from your local currency bank account to a foreign currency bank account, and then later transfer the money back from your foreign currency account to your local currency account, then the program will automatically calculate the foreign exchange profit or loss that occurred as a result of the change in exchange rates between when you first transferred the money and when you transferred it back.