Foreign expenses, refunds, month-end revaluation and suggested rates
Log an expense in another currency, how refunds of foreign sales are paid, the optional month-end revaluation, and rates suggested by a live feed.
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Log an expense in another currency
- In "Log expense", tap the currency inside the amount field and pick one (this appears when multi-currency is on).
- Type the amount in that currency and save. If the expense is paid from main cash, a window asks for today's rate, prefilled with the saved one. The expense is booked in your main currency at that rate.
- When the expense is paid from a cash box of the same currency, the box pays at its own average rate and no rate is asked. A different rate you type moves only the expense figure; the difference is recorded as exchange gain or loss.
A cash box never goes below zero. A monthly repeat is not offered for a foreign expense.
Refunds and credit notes of foreign sales
A refund reverses the sale at the rate of the original invoice. If the customer paid from a foreign cash box, the money goes back out of that box at the box's average rate, and the difference against the invoice rate is recorded as exchange gain or loss. A refund larger than the box holds is refused.
Month-end revaluation (optional)
Open "Settings", then "Currency & tax", then the exchange-rate table. Switch on "Month-end revaluation" to restate, once a month, the open foreign balances (cash boxes, customer and supplier balances) at the saved rate. The difference is booked as unrealised exchange gain or loss. The next run first cancels the previous one, so the books only carry the latest figure.
Press "Revalue now" to see what would be posted. Currencies with no saved rate are skipped and listed. Run twice for the same date, nothing is posted again.
Suggested rates (optional)
If your administrator connected a live rate feed, the rate window and Settings show "Suggested" next to the saved rate. Press "Use" to take it. The feed never changes a rate by itself.
Common questions
- Does the revaluation run by itself?
- Only if you switch it on in Settings, then Currency & tax. It is off by default. Revalue now shows the result first and posts nothing until you confirm.
- Does a suggested rate change my rate?
- No. A suggestion is only shown next to the saved rate with a Use button. Nothing changes until you press it.
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In the same section
- Closing a month, closing the year, and reopening eitherMonth-end close: "Lock" a reviewed month so nothing dated inside it is accepted; the year's "Close period" posts the closing entry; both reopen for corrections.
- Foreign cash boxes and exchanging currencySee how much dollar (or other foreign) cash you hold, read each box's statement in its own currency, exchange money between boxes, and count it at shift close.
- Logging an expense with a photo of the receiptFrom the expenses screen: "Log expense" with amount, category, payment method and a receipt photo, categories and budgets, and how it shows in the income statement.
- Posting a journal entry by hand, and reversing one"New entry" on Transactions: an accrual, a correction or a move between accounts, balanced lines and a written reason; open a row for its lines; reverse one by hand.
- Pricing in a second currency and the exchange ratePick another currency on any price, enter the rate once, choose between asking once or every time, and edit the rate later in Settings.
- Reading the reports: income statement, balance sheet, aging, and taxWhere each report lives on the Financial screen and what it answers: income statement, balance sheet, cash flow, general ledger, sales, inventory, expenses, aging.
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