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Currencies

This guide explains the currencies of a multi-currency company in MyCloudBook: how to turn the feature on, how to add a currency and set its exchange rate, and when a currency can be removed.

Overview

A company keeps its books in its main currency. The main currency is chosen when the company is created. A multi-currency company can also use other currencies. For example, it can keep a bank account in euros and record the invoices of a customer in Europe in euros.

The Currencies Setting window lists the currencies of the company. Each added currency has a symbol and an exchange rate: the number of units of the currency that equal one unit of the main currency. In the example, 1 USD = 0.92 EUR. When a user creates a document in that currency, the rate of the document starts with this rate. The user can change the rate on each document, and the document keeps its own rate.

The window is available only in a multi-currency company. The Currencies item appears in the Settings menu after Allow Multi-Currency is turned on in Preferences.

Turning on multi-currency

  1. In the top bar, click Settings, then Preferences.
  2. In the General tab, check Allow Multi-Currency in the Features group.
  3. Click Save, then Yes. The application reloads, and the Settings menu shows Currencies.
The General tab of the Preferences window with the Allow Multi-Currency check box checked.
Figure 1. Multi-currency turned on in Preferences.
  1. 1Allow Multi-Currency, checked.
  2. 2Save. Asks for a confirmation and reloads the page.

How to open the window

  1. In the top bar, click Settings. The button is between the name of the company and the name of the user.
  2. In the menu, click Currencies. The window opens with the title Currencies Setting.

The Settings menu is shown to the users with the Admin role. The other users do not see the menu.

The Settings menu in the top bar of MyCloudBook with the item Currencies marked.
Figure 2. The Settings menu.
  1. 1Settings. Opens the menu of the company settings.
  2. 2Currencies.

The Currencies Setting window

The list shows one row for each currency of the company. The main currency is the row with the yellow background and the word (Main). Click a row to select it. The buttons Set Rate/Symbol and Remove act on the selected row.

The Currencies Setting window with the main currency USD - United States dollar and the added currency EUR - European euro with the symbol and the rate 0.92.
Figure 3. The Currencies Setting window.
  1. 1Add Currency. Adds a currency.
  2. 2Set Rate/Symbol. Changes the symbol and the rate of the selected currency. Enabled after a row is selected.
  3. 3Remove. Removes the selected currency. Disabled for the main currency.
  4. 4The main currency, with (Main) after its name. Its rate is always 1.
  5. 5An added currency, selected. Here EUR - European euro.
  6. 6Symbol. The symbol of the currency on the documents, for example $ or €.
  7. 7Rate. The number of units of the currency for one unit of the main currency.

Adding a currency

  1. Click Add Currency.
  2. In Currency, type a part of the code or of the name, for example eur, and click the currency in the list.
  3. Check the Currency Symbol. MyCloudBook fills it from the currency, for example €.
  4. Type the rate: the number of units of the new currency for one unit of the main currency.
  5. Click Save.
The Add Currency window with the text eur typed in the Currency field and the list that shows the code EUR and the name European euro.
Figure 4. The currency list, filtered by the typed text.
  1. 1Currency, with the typed text.
  2. 2The currencies whose code or name contains the text, with the columns Code and Name.
The Add Currency window with the currency EUR - European euro, the symbol euro, and the exchange rate 1 USD = 0.92 EUR.
Figure 5. The Add Currency window.
  1. 1Currency. Required.
  2. 2Currency Symbol. Required.
  3. 3The exchange rate. It reads 1 USD = rate EUR, with the main currency on the left.
  4. 4The rate. Here 0.92.
  5. 5Save.
  6. 6Cancel.
FieldRequiredPurpose and rules
CurrencyRequiredA currency of the international list of currency codes. A currency can be added only once.
Currency SymbolRequiredUp to 10 characters. The documents show the symbol next to the amounts.
RateRequiredThe number of units of the currency for one unit of the main currency, with up to 6 decimals. The rate of the main currency is always 1.

The accounts of a new currency

When a currency is added, MyCloudBook creates two system accounts for it. They are Accounts Receivable - CODE under Assets and Accounts Payable - CODE under Liabilities. CODE is the code of the currency. The invoices and the bills in that currency use these accounts. See Chart of Accounts.

The Chart of Accounts filtered by EUR with the accounts 113 Accounts Receivable - EUR and 209 Accounts Payable - EUR.
Figure 6. The two accounts that MyCloudBook created for EUR.
  1. 1Accounts Receivable - EUR, a system account under Assets, in the currency EUR.
  2. 2Accounts Payable - EUR, a system account under Liabilities, in the currency EUR.

Changing the rate or the symbol

  1. Click the row of the currency.
  2. Click Set Rate/Symbol. The window Set Currency Exchange Rate opens.
  3. Change the Currency Symbol or the rate, and click Save.

The new rate is the starting rate of the next documents in that currency. The saved documents keep their own rate.

The Set Currency Exchange Rate window for EUR with the symbol euro and the rate 0.92.
Figure 7. The window of an added currency.
  1. 1Currency. Read-only.
  2. 2Currency Symbol.
  3. 3The rate.
  4. 4Save.

The same window opens for the main currency. Only its symbol can change, because its rate is always 1.

The Set Currency Exchange Rate window for the main currency USD with the rate 1 disabled.
Figure 8. The window of the main currency.
  1. 1The main currency.
  2. 2Currency Symbol. It can change.
  3. 3The rate, always 1 and disabled.

Removing a currency

  1. Click the row of the currency.
  2. Click Remove.
  3. Answer the question with Yes.
The question Are you sure you want to remove the currency: EUR - European euro, with the buttons Yes and No.
Figure 9. The question before the removal.
  1. 1The question with the code and the name of the currency.
  2. 2Yes. Removes the currency.
  3. 3No. Keeps the currency.
RuleExplanation
The main currency always stays.The Remove button is disabled for the main currency, because it is the currency of the books.
A currency that an account uses stays.When an account that a user created has the currency, MyCloudBook keeps the currency and shows a message. Delete the account first, or keep the currency.
A currency that a document uses stays.When a document uses the currency, MyCloudBook keeps the currency and shows a message, so the document keeps its amounts.
The removal also deletes the two system accounts.Accounts Receivable - CODE and Accounts Payable - CODE are deleted with the currency.

When only the main currency is left, Allow Multi-Currency can be turned off again in Preferences.

Messages and their meaning

MessageCauseWhat to do
Some fields are not valid!A required field is empty or a value has the wrong form. The field is marked in red.Fill in the marked field, then save again.
You can't add currency because the multi-currency feature is not enabled.Allow Multi-Currency is off.Turn on Allow Multi-Currency in Preferences.
The Currency that you are trying to add already exists.The company has the currency already.Select its row and use Set Rate/Symbol.
Currency Code not availableThe code is not in the list of currencies.Choose the currency from the list.
Currency Symbol can not be more the 10 characters.The symbol is longer than 10 characters.Type a shorter symbol.
You can't remove the main currency.The main currency was selected.Keep the main currency.
You can't remove the currency because it's used by the account: XAn account has the currency.Delete the account first, or keep the currency.
You can't remove the currency because it's used in one or more transaction(s).Documents use the currency.Keep the currency.
You cannot remove multi-currency support because one or more currencies have already been addedAllow Multi-Currency was cleared while the company has another currency.Remove the other currencies first, or keep the setting on.

Questions and answers

How do I add a currency in MyCloudBook?

Turn on Allow Multi-Currency in Settings, Preferences. Then open Settings, Currencies, click Add Currency, choose the currency, check the symbol, type the rate, and save.

What does the rate mean?

The rate is the number of units of the currency for one unit of the main currency. With the main currency USD, the rate 0.92 for EUR means 1 USD = 0.92 EUR.

Does a new rate change my saved documents?

No. Each document keeps the rate that it was saved with. The new rate is the starting rate of the next documents in that currency.

Where is the main currency of a company set?

When the company is created. It is the currency of the books. The other currencies are added in Settings, Currencies, after Allow Multi-Currency is turned on in Preferences.

When can I remove a currency?

When no account and no document uses it. The main currency always stays, because it is the currency of the books.