Odoo 16 Community Book

Journal Entries

There may be situations where you have to manage multiple currencies when you are doing business transactions internationally. In such cases, it is essential to configure currencies from different parts of the world along with your domestic currency. Odoo offers a multi-currency support system which will be helpful to manage international transactions. You will get a dedicated platform in the Odoo Invoicing module exclusively to manage multiple currencies. Go to the Configuration menu and select the Currencies option. The window will display the default currencies configured in your system as shown in the screenshot below.

Odoo Community Edition Book

As you can see, the list shows the details of the Currency, Symbol, Name, Last Update, Current Rate, and Active status. You can use Active and Inactive options as default filters. Use the New button to configure the details of a new currency to your system.

Odoo Community Edition Book

This is the screenshot of the form view of the new currency configuration window. In the Currency field, you can mention the code of the currency. In the respective fields, you can specify the Name, Currency Unit, and Currency Subunit. Enabling the Active field will activate the currency and make it ready for use. In the Price Accuracy tab, you can set the Rounding Factor. The amounts in this currency will be rounded off to the nearest multiple of the rounding factor. Mention the Decimal Places which are taken into account for operations on amounts in this currency. It will be determined by the rounding factor. For display, mention the Symbol and Symbol Position. The Rates of the currency can be mentioned using the Add a Line button. It includes Date, Company, Unit per USD, and USD per Unit.

This method will help you to configure multiple currencies in the Invoicing module.

Odoo Community Edition Book

In the Settings menu of the Invoicing module, you will get the Main Currency field as shown in the screenshot above. This field under the Currencies tab can be used to mention the main currency of your company. The currency you mention here will be used as default currency in business transactions in Odoo.



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