Smart-IT supports multiple currencies, allowing businesses to purchase and sell goods or services in different currencies while maintaining their accounting records in the company's base currency.

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 company's base currency, normally 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 displays amounts in EUR, the General Ledger records the transactions in the company's base currency (ZAR).

Setting Up Multiple Currencies

Step 1. Enable Multiple Currencies

Go to Company > Application Options

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

2. Enable Use Multiple Currencies.

Then select:

Use Multiple Currencies

When this option is 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 maintain exchange rates in the following ways:

•Manual Update: Enter the exchange rate manually.

•Update from OpenExchangeRates: Retrieve updated exchange rates from OpenExchangeRates.

•Update from ECB: Retrieve updated exchange rates from the European Central Bank (ECB).

The company's Default Currency is the base currency against which the other 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 determines the currency automatically assigned when a new customer account is created.

Note: This is only the default for new customers. You can change the currency 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.

Smart-IT uses this currency as the default when creating invoices for the customer.

Example:

•Customer Default Currency: EUR

•Invoice Currency: EUR

•Invoice amounts: Displayed in EUR

•General Ledger: Transactions recorded in the company's base currency (ZAR)

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

This option determines whether users can change the exchange rate directly on the Invoice form.

•Enabled: Users can change the exchange rate on the Invoice form.

•Disabled: Users cannot change the exchange rate directly on the Invoice form. Exchange rates must be maintained through the Currency form.

Note: The exchange rate can be changed directly on the Invoice > Customer/More screen if Allow Exchange Rate Change is enabled.

Supplier Currency

Supplier currencies allow businesses to purchase stock from suppliers who issue invoices in foreign currencies.

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).

Example:

•Supplier Currency: USD

•Company Default Currency: ZAR

•Supplier Invoice: USD

•General Ledger: ZAR

Note: Purchase Orders cannot be created in other currencies.

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 currency in which the stock item is purchased.

This is particularly useful when a business purchases different stock items from suppliers who invoice in different currencies.

Currency Revaluation

Currency fluctuations may affect the value of stock purchased in foreign currencies.

For information about revaluing stock due to exchange-rate changes, see: Stock > Extra >Currency Stock Revaluation

Related Settings

For currency setup and exchange-rate maintenance, go to: Company > Table Maintenance > Currencies button