Multi-currencies in Odoo
Utilizing the option, multi-currency in Odoo will enable the end user to send sales invoices, quotes and purchase orders, also receive bills and installments in monetary standards other than your own. With multi-currency, you can likewise set up financial balances in different currency forms and run reports on foreign currency exercises.
Configuration
Go to Accounting->Configuration->Setting->Currencies->Multi-currencies
Turn on the option Multi-currencies under currencies tab. Click SAVE button to mark the changes.
To see few more currencies, click Activate Other Currencies option. One can click on the new currencies and activate them in case of need.
EXCHANGE GAIN OR LOSS JOURNAL
The option records the contrasts between the payment registration and the expected amount. For instance, if an installment is paid one month after the receipt was issued, the conversion/exchange scale would have presumably changed. The fluctuation infers some misfortune or benefit that are recorded by Odoo.
Odoo provides with different options like Miscellaneous Operation, Exchange Difference, Cash Basis Tax Journal, Stock Journal. One can also CREATE AND EDIT new one.
Automatic Currency Rates in Odoo
By default, the currencies have to be changed manually. However, under Odoo , one can synchronize it with different exchange service like Yahoo, Europe Central Bank and more.
One can also set the interval for conversion like: Manually, Daily, Weekly or Monthly.
Click SAVE to mark the changes.