Invoice and pay in a foreign currency

Books keeps its ledger in your base currency, but invoices, credit notes, bills and supplier credits can be in another currency. You type the exchange rate; Books records the base value and posts any exchange gain or loss when the document is paid.

Before you start

• You need the right for the document: Manage sales documents and payments or Manage purchases and payments.
• Have the rate you must use for the document date. Books does not fetch rates.

Steps

1. On a draft invoice or bill, choose the Currency.
2. In Exchange rate, type the value of one unit of that currency in your base currency. For example, for USD on an AED invoice, type 3.6725.
3. Enter the lines in the foreign currency and save. The totals show the original amount and the base-currency amount.
4. Issue the document as usual.
5. When the customer pays, record the receipt in your base currency. On each invoice line, type the Original-currency amount and the Exchange rate on the payment date.
6. Select Save · Receipt. Any difference from the invoice's original value goes to exchange gain or loss.

Revalue open balances at month end (optional)

1. Open Books → Currency revaluation and choose the Month.
2. Type the closing rate for each currency and select Preview.
3. Check the values and select Post adjustment and reversal. Continue with Continue revaluation if it pauses.

Good to know

• Supported currencies: AED, EGP, USD, EUR, GBP, SAR, INR, PKR, BDT, JPY, KWD, BHD and OMR.
• Bank and cash accounts, statements, receipts and payment amounts, expenses and customer and supplier balances are in your base currency only.
• A copied or converted draft keeps its source's rate date. A later invoice needs a reviewed rate before issue, and a recurring foreign invoice waits as a draft until you enter the rate.
• Credits apply only to documents in the same currency.
• Revaluation posts an adjustment at month end and the exact reversal on the first day of the next month. It does not change what customers or suppliers owe, or the original invoices. Only someone with Set up Books and lock periods can start it.
• While a revaluation runs, posting and financial reports pause until it finishes.
• A backdated foreign document after a revaluation makes that month's valuation out of date; revalue again before closing the month. See Close a month.
• Agree the rate source, date and the revaluation method with your accountant. Country rules on rates and on showing VAT: see Egypt and UAE.