FAQ: Currencies

Can I change my default currency after setup?

No. Your default currency is set during initial company setup and cannot be changed later. All accounting records are kept in your default currency. If you need to switch to a different default currency, you would need to set up a new company. However, you can add as many secondary currencies as you need and record transactions in them.

What happens if I don't set an exchange rate for a currency pair?

If you try to record a transaction in a foreign currency and no exchange rate is defined, Usystems will either prevent the transaction or use a default rate (usually 1:1, which is incorrect). To avoid errors, always set exchange rates for every currency pair you plan to use before recording transactions in those currencies.

How often should I update exchange rates?

This depends on currency volatility and your business activity. For volatile currencies (like AFN or PKR), update rates daily or at least weekly. For stable currency pairs, weekly updates are typically sufficient. Set a calendar reminder to update rates on a fixed schedule so your financial data remains current.

Can multiple users update exchange rates?

Yes, but typically only admin users can change exchange rates. If you need other team members to update rates, ensure they have admin permissions. Consider designating one person as the "rate keeper" to maintain consistency.

If I record an invoice in USD but our default currency is AFN, which currency appears on the printed invoice?

The invoice is recorded and printed in USD (the currency you chose when creating the invoice). However, Usystems also records the AFN equivalent in your accounting records using the exchange rate for that date. This dual recording ensures both your customer (who may think in USD) and your accounts (which operate in AFN) have accurate figures.

What is a "currency revaluation gain or loss"?

When you set a new exchange rate, the value of your foreign-currency assets and liabilities changes. For example, if the AFN strengthens against the USD, a USD receivable becomes worth more in AFN terms—this is a revaluation gain. Conversely, a weakening currency creates a revaluation loss. Usystems tracks these gains and losses in a special account so your financial statements reflect the true value of your foreign-currency holdings.

Do I need a separate account for each currency?

No. In Usystems, an account (like "Accounts Receivable" or "Cash") holds transactions in any currency. When you record a transaction, you specify its currency, and Usystems handles the conversion. You do not need duplicate accounts for each currency. However, some businesses choose to create sub-accounts by currency for detailed reporting; this is optional.

Can I report in multiple currencies?

Most reports show amounts in your default currency only. If you need reports in a foreign currency, you may need to export data and use external tools (like spreadsheets) to reformat. Check with your Usystems support team about currency-specific reporting options.