How to set the exchange rate for the currencies in odo

 odoo currency exchange

The most efficient multi currencies system simplify FX management tasks and help to protect the company’s profit margins while minimizing manual workload allow you to send sales invoices, quotes and purchase orders or receive bills and payments in currencies other than your own. With multi-currency option, you can set up bank accounts in other currencies and run reports on your foreign currency activities. Now let's have a look into odoo currency exchange, multi currency in odoo, and currency exchange rate on odoo purchase and sales..

Activate multi currencies

To use the multi currencies option,you need to activate it

This is managed by accounting module

In odoo 11 there is no accounting module as straight, to get full accounting features inside invoicing module

• Activate the Developer Mode(settings->activate developer mode)
• go to Users definition.
• Select the user(settings->users and companies->select user)
• Choose Edit.
• Now from the Technical Settings select Show Full Accounting Features(put tick mark on show full accounting features)
• Save and leave the Developer Mode.

To activate multi currencies

invoicing->configuration->settings->currencies->put tick mark on multi-currencies

To set exchange rate journal

The Rate Difference Journal records the differences between the payment registration and the expected amount. For example, if a payment is paid 1 month after the invoice was issued, the exchange rate has probably changed. The fluctuation implies some loss or profit that are recorded by Odoo.

invoicing->settings->currencies->exchange gain or loss journal

View or edit rate

You can configure currency rate in two ways

• Manual configuration
• Automatic configuration

You can manually configure the currency rates in invoicing -> Currencies -> select activated currency(or to activate currency then) -> rates -> . Open the currency you want to use in Odoo and edit it. Make sure the currency is active.

Automatic configuration

By default, the currencies need to be updated manually. But you can synchronise it with Yahoo or the European Central Bank.

To activate automatic configuration

Invoicing -> settings -> currencies -> Automatic currency rate

You must have the correct version to enable this service

Configure your charts of account

In the accounting application, go to  invoicing -> accounting -> chart of accounts ->.

On each account, you can set a currency. It will force all moves for this account to have the account currency.

If you leave it empty, it means that it can handle all currencies that are Active.

Configure journals

In order to register payments in other currencies, you have to remove the currency constraint on the journal. Go to the accounting application,

Check if the currency field is empty or in the foreign currency in which you will register the payments. If a currency is filled in, it means that you can register payments only in this currency.

Sales order and invoices

You are now able to set a different currency than the company one on your sales orders and on your invoices. As a result, the currency is set for the whole document.

Purchases orders and Vendor Bills
You are now able to set a different currency than the company one on your purchase orders and on your vendor bills. As a result, the currency set for the whole document.

Bank statements

When creating or importing bank statements, the amount is in the company currency. But there are now two complementary fields, the amount that was actually paid and the currency in which it was paid.

When reconciling it, Odoo will directly match the payment with the right Invoice. You will get the invoice price in the invoice currency and the amount in your company currency.

To add currencies:

invoicing->configuration->accounting->currencies

 

Hope you are clear about odoo currency exchange, Odoo multi-currency support, Currency exchange rate on odoo purchase, Currency exchange rate on odoo sale etc.