Creating a sales receipt in a foreign currency (conversion rate)

If your business operates in multiple currencies, you can record a sales receipt in a foreign currency. Usystems will automatically convert the amounts to your base currency using the current exchange rate. You can use the default exchange rate or override it with a specific rate for that transaction. This is useful when selling to international customers or conducting multi-currency business.

Before you start

• Multiple currencies must be enabled in your system (contact your administrator if you don't see currency options).
• You need at least two currencies configured: your base currency and one or more foreign currencies.
• Know which currency the customer is paying in.
• Have the correct exchange rate ready if you need to override the default.

Steps

1. On the sales receipt form, locate the Currency field (usually in the header section).

2. Click the Currency field to view available currencies.

3. Select the currency the customer is paying in (if different from your base currency).

4. As you add line items, enter prices and quantities in the selected currency.

5. Usystems will automatically calculate the equivalent amount in your base currency using the default exchange rate.

6. To review or change the exchange rate:

   • Look for an Exchange Rate field on the receipt (may appear below the currency selector).
   • The default rate will be populated from your exchange rate table.
   • If you need a different rate for this sale, click the field and enter the new rate.

7. Review the converted amounts and confirm the calculation is correct.

8. Continue with the rest of the receipt (customer, accounts, warehouse, etc.).

9. Save the receipt. The system will record the sale in the foreign currency and post amounts to your base currency account.

Accounting impact

• Foreign currency sale: The receipt line items and totals are recorded in the customer's currency.
• Base currency posting: When saved, the receipt is converted to your base currency using the exchange rate you selected.
• Gain/loss: If the exchange rate fluctuates between the sale date and payment settlement, you may realize a gain or loss on exchange. This is typically recorded separately in your general ledger.

Tips & common mistakes

• Use the right rate. If you know the actual exchange rate agreed with the customer differs from the system default, override it to ensure accuracy.
• Check before saving. Exchange rates can change daily. Verify the rate is correct before saving the receipt.
• Document the rate. If you override the default exchange rate, a note of the rate used is helpful for reconciliation and audits.
• One currency per receipt. All line items on a single receipt must be in the same currency. If you need to mix currencies, create separate receipts.
• Impact on bank reconciliation. When the customer's payment arrives in their currency, you'll need to match it against the converted amount. Ensure your bank conversion rate matches what you recorded.