Create a Foreign Currency Invoice:
- On the left-side menu, select Sales > Invoices, then click 'New Invoice'.
- Fill out the invoice details such as the customer, due date, line items, and any applicable taxes or discounts.
- By default, the currency for the invoice will be the same as the currency set for your company. If you need to change the currency for this invoice, go to Partners , and update the currency there before creating the invoice.
- Once the invoice is created, an estimated currency conversion line will appear, showing the current approximate conversion rate and the updated invoice total in the selected currency.
- Click 'Save'.
-The approximate currency exchange is referred to as the Unrealized Gain or Loss. When you anticipate that you’ll be exchanging a foreign currency at a future date, Balabook keeps track of the fluctuation in the exchange rates for you.
-When you approve the invoice, the bookkeeping reflects the expected currency conversion rate on the date that the invoice was created. If you look at your balance sheet, an automated entry is created as an Unrealized Gain on Foreign Exchange if the exchange rate is higher than it was on the day the invoice was created, or an Unrealized Loss on Foreign Exchange if the exchange rate is lower than the day the invoice was created.
Create a Foreign Currency Bill:
- On the left-side menu, select Purchases > Bills, then click 'New Bill'.
- Fill out the bill details such as the vendor, due date, line items, and any applicable taxes.
- The currency for the bill will automatically match the currency set for your company. To change the currency, go to Settings > Company Profile, and update the currency there before creating the bill.
- Click 'Save'.
For additional guidance, you can view the tutorial here.