Foreign Currencies

In AbaNinja, you can manage and configure foreign currencies under Settings > Currencies. Here, you can specify which currencies are used in your account and maintain exchange rates. The major currencies such as CHF, EUR, and USD are already pre-set, including automatic daily updates of exchange rates. However, you also have the option to add more foreign currencies or disable automatic exchange rates and instead use manual rates.

Benefits:
Managing foreign currencies allows you to record and post invoices, payments, and bookings in various currencies. Exchange rates for conversion are automatically or manually considered, which simplifies accounting and minimizes error sources. For example, you can issue customer invoices in Euro or US dollars and correctly represent the corresponding amounts in Swiss francs in your accounting.

• Notes and tips:
  When using foreign currencies, exchange rates are automatically updated daily if automatic conversion is enabled. This only applies to the standard currencies CHF, EUR, and USD.
• If you need additional currencies or deliberately do not want to work with automatic rates, you can disable automatic conversion rates and manually enter your own exchange rates.
• Exchange rates are used when making bookings, payments, and invoices to correctly convert amounts and represent them in the base currency.
• Once an address or document has been created in a foreign currency, the currency can no longer be changed.
• For the correct booking of foreign currency amounts, appropriate accounts (e.g., foreign currency bank accounts) must be entered in the settings.
• For manual bookings in foreign currency, the system automatically suggests exchange rates that can be overwritten as needed.
• For companies with more complex foreign currency booking requirements, the use of Abacus financial accounting with the corresponding connection to AbaNinja is recommended.

These features support you in processing your financial processes easily and correctly, even with international business.