Multicurrency Accounting
RareBooks allows you to create and print invoices in your customers currency.
::: tip Suppliers and Purchase Invoices The same applies procedure applies for creating a Multi Currency Purchase Invoice. Just set a different currency when creating a Supplier entry. :::
Creating a Multi Currency Invoice
Section titled “Creating a Multi Currency Invoice”To enable a multi currency invoice you need to do two things:
- Create a Customer entry with a different currency from the company currency.
- Select the Customer when creating a new invoice.
This will display the exchange rate widget.
::: info Fields using Company Currency The Base Grand Total and Outstanding Amounts are displayed in the company currency. :::
Printing
Section titled “Printing”After submitting, on clicking Print, the invoice can be printed in the customers currency. 
Payments
Section titled “Payments”Payments entries are made in the company currency. The exchange rate set when submitting the invoice is used to decide the amount to be paid.
On making the payment the Outstanding Amount will be updated accordingly, and any rounding differences will be balanced using the Round Off Account.
Ledger Entries
Section titled “Ledger Entries”Ledger Entries are created using the company currency. The exchange rate set when submitting the invoice is used to decide the recorded amounts.
Exchange Rate
Section titled “Exchange Rate”When a multi currency invoice is made, the ledger entries are created in the company currency.
::: info Exchange Rate Company Currency = Customer Currency ⨉ Exchange Rate :::
Customer and Company Currency
Section titled “Customer and Company Currency”Multi currency invoice is possible only if the two currencies are different from each other.
Customer Currency
Section titled “Customer Currency”This is set when a Customer entry is created.
Company Currency
Section titled “Company Currency”This is set when initializing a new RareBooks instance
