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TrulySmall Accounting: Enable Multiple Currencies
TrulySmall Accounting: Enable Multiple Currencies

Learn how to use multi-currency in your business

Kashoo avatar
Written by Kashoo
Updated over a week ago

TrulySmall Accounting has a multi-currency feature that supports more than 160 currencies. The software uses real-time exchange rates to convert transactions into any currency of your choice. You can also enter your own exchange rates and view reports in local (primary) currency or original (foreign) currency. The best part is that multi-currency is available on all platforms (Web, iOS and Android).

Enable / Disable Multi-currency

To enable multi-currency mode, go to Settings and click on the Business Details page.

Next, check the box to Enable Multi-currency support, then click on the Save button.

If you can't change the toggle, it's possible you don't have Admin and Billing privileges. Read about permissions here.

Once you have enabled multi-currency and recorded transactions in multiple currencies, disabling the Multi-currency support feature doesn't change any of the multi-currency transactions already recorded. However, it will hide the multi-currency selection fields.

IMPORTANT: If you have a foreign bank or credit card account that is linked via a bank feed, TrulySmall Accounting will automatically import transactions in the designated currency of the account.

Example - Entering a bill on the Web App

For this example, we'll assume the following:

  • US dollars (USD) is the primary currency of your business

  • Your business has a Euro (€) bank/credit card account

If you rent a car for €500 (Euro), here's how you would record it:

  1. Go to the Bills to Pay page and click on +New to create a new bill.

  2. Vendor: Vendor's name

  3. Bill Date: Enter a date

  4. Due Date: Enter a date

  5. Currency: Euro

  6. Category: Travel Expense

  7. Price: €500

A calculation of the conversion will be shown on the right-hand column above the Save button.

If you would like to enter your own exchange rate, click on the View Rate button located in the Currency field. You can save a maximum of eight (8) decimals for exchange rates. Once you're done, simply click on the Set Rate button.

Example - Paying a bill on the Web App

If your foreign bank/credit card account is linked via a bank feed, wait until the payment is imported on the Inbox page before matching it with the bill. The bill and payment MUST BOTH USE THE SAME CURRENCY in order to be matched and posted.

If you are using an unlinked bank/credit card account to pay a bill, you can choose whether to pay it in original (foreign) currency or primary (local) currency.

Example - Entering an expense on the Mobile App

For this example, we'll assume the following:

  • US dollars (USD) is the primary currency of your business

  • Your business has a Pound Sterling (GBP) cash account

Here's how you would enter a cash expense of £100 (Pound Sterling):

  1. Tap on + and select Add Transaction Item.

  2. Date: Enter a date

  3. Account Withdrawn From: Cash

  4. Supplier: Vendor's name

  5. Currency: Pound Sterling

  6. Exchange Payment: GBP

  7. Items: £100, Meals and Entertainment Expense

A calculation of the conversion will be shown at the bottom. If you want to enter your own exchange rate, tap on View Rate located on the Currency field.

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