Smart-IT supports multiple currencies for businesses that purchase and sell in different currencies.

For example, a game lodge in South Africa may purchase all its stock in South African Rand (ZAR) but sell accommodation, products, or services to international customers in Euros (EUR). When multiple currencies are enabled, the customer's invoice can display the selling prices in Euros while the related accounting entries are converted to the company's base currency.

Default Currency

The Default Currency is the base currency used by the business. Normally, this is the currency of the country in which the business operates.

For example:

•Business location: South Africa

•Default/Base Currency: ZAR

•Customer currency: EUR

Although the customer's invoice may display amounts in EUR, the General Ledger remains in the company's default/base currency (ZAR).

Setting Up Multiple Currencies

Step 1. Enable Multiple Currencies

Go to Company > Application Options (this form).

Set the Default Currency to the company's base currency.

Then select:

Use Multiple Currencies

When enabled, currency and exchange-rate options become available on the relevant forms, including:

•Invoice

•Customer

•Credit Note

•GRN

Step 2. Set Up Currencies and Exchange Rates

Go to: Company > Extra > Table Maintenance > General tab >Currencies

The Currencies table contains the currencies used by Smart-IT and their exchange rates.

You can:

•Enter an exchange rate manually.

•Select Update from OpenExchangeRates to update exchange rates automatically.

•Select Update from ECB to update exchange rates automatically from the European Central Bank.

The company's Default Currency is the base currency against which exchange rates are calculated.

Step 3. Set the Default Currency for New Customers

Go to Customer > Customer Options > New Defaults tab

Set the Default Currency for new customers.

This currency will automatically be assigned when a new customer is created.

This setting is only the default for new customers. The currency can be changed on an individual customer's account.

Step 4: Set the Customer's Currency

Open the Customer Main Form and select the customer's Default Currency.

The customer's default currency will automatically be used when creating an invoice for that customer.

For example:

•Customer Default Currency: EUR

•Invoice Currency: EUR

•Invoice amounts: Displayed in EUR

•General Ledger: Posted in the company's base currency

Currency on the Invoice

The customer's Currency and Exchange Rate are displayed on the Invoice form under:

    Invoice > Customer > More Screen tab

The invoice currency is determined from the customer's Default Currency.

The default currency used when creating an invoice can also be configured under:

Invoice > Invoice Options > General > Default Currency

Allow Exchange Rate Change on Invoice

The exchange rate can be changed directly on the Invoice form if Allow Exchange Rate Change on Invoice is enabled.

If this option is disabled, users cannot change the exchange rate on the Invoice form.

Exchange-rate changes must then be made through the Currency form.

Supplier Currency

Supplier currencies are used when purchasing stock from suppliers who invoice the business in a foreign currency.

On the Supplier Main Form > Currency, specify the currency used by the supplier.

The supplier's currency will then automatically be used on the relevant Goods Received Note (GRN) (supplier invoice).

For example:

•Supplier Currency: USD

•Company Default Currency: ZAR

•Supplier Invoice: USD

•General Ledger: ZAR

Stock Item Buying Currency

The buying currency for an individual stock item can be specified under:

Stock Form > Cost & Selling Prices Tab

Use this setting to specify the default buying currency for the stock item.

This is useful when stock is purchased from suppliers in different currencies.

Currency Revaluation

For information about revaluing stock due to currency changes, see:

Stock > Extra >Currency Stock Revaluation

For currency setup and exchange-rate maintenance, see:

Company > Table Maintenance > Currencies button