Foreign currency in daily work: a checklist

Multi-currency errors are rarely deep accounting mistakes. They are small slips repeated: no rate, the wrong direction, a stale rate. Use the same routine every time.

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The Currency box in the invoice header.

1. Before the day: check that the currency is Active in Settings ▸ Currencies and that today's rate is in Settings ▸ Exchange Rates.
2. On the sales or purchase document, choose the Currency and read the Rate box. It should be the rate you expect, not 1.
3. On a receipt or payment voucher in a foreign currency, check the Rate again. Submit stays grey ('Rate needed') until the rate is valid.
4. After posting, check the Accounting impact or Posting Trail: amounts in base currency should equal foreign amount x rate.
5. At period end, list the open foreign-currency invoices and bills and give them to your accountant.

Where amounts are not converted

• Approval rules compare the Document total in the document's own currency. Zeyto does not convert currencies in that test.
• The Approvals screen adds 'Value held' as the documents show it, without converting.
• Some reports add document amounts as they are on each document. Where a report says a foreign document is not converted, read its figures with care.

Smaller points

• A journal in a foreign currency does not post without a real rate.
• Rate 1.000000 on a non-base document is allowed but suspicious.
• Receipts for post-dated cheques cannot be in a foreign currency.
• Card sales in a foreign currency settle only if the Merchant fees setting for that is ticked; the exchange difference goes to the exchange gain or loss account.