Difference Between Business, Account, and Transaction Currency

Business Currency:

This is the currency your business operates in and is chosen when setting up your business in Balabook. All of your financial reports use your business currency.

To View Your Business Currency:

1. Click your business name in the bottom-left corner.
2. Select Company Settings.
3. In the settings menu, click on Currency.

Your business currency cannot be modified once you set up your business.

Account Currency:

This is the currency of an asset or liability account and is the same currency as your bank account. Set the currency when you add a new account to your Chart of Accounts.

Transaction Currency:

The currency of a transaction is determined by the currency associated with the customer or vendor involved.