Multi-Currency System in Odoo 18

The Odoo software allows you to create invoices, receive bills, and record transactions in currencies other than your company’s main currency. Additional bank accounts can also be set up and reports can be run on the usage of different currencies.

Main currency

The main currency is defined by default according to the company’s country. You can change it by going to Accounting – Configuration – Settings – Currencies and changing the currency in the Main Currency setting.

Enable foreign currencies

Go to Accounting ‣ Configuration ‣ Currencies, and enable the currencies you wish to use by toggling the Active button.

Currency rates

You can manually create currency rates by going to Accounting > Configuration > Currencies, clicking on the currency you would like to change rates for, and selecting Add a line under the Rates tab.

Automatic update

To update the rates, click the “Update Now” button at the bottom of the Accounting Dashboard, navigate to Configuration, select Settings, and then choose Currencies.

In Odoo, rates can be updated regularly. To do this, change the Interval setting from Manually to Daily, Weekly, or Monthly. In Odoo, you can update rates regularly by changing the Interval setting from “Manually” to “Daily,” “Weekly,” or “Monthly.” Select the web service in the Service field to obtain the latest currency rates.

Exchange difference entries

An exchange differences journal is automatically created in Odoo for each dedicated account.

If you go to Accounting > Configuration > Settings > Default Accounts, you can edit the Journal, Gain Account, and Loss Account used for posting exchange difference entries.     

Multi-currency accounting

Invoices, bills, and other documents

Each document allows you to select the currency and journal to be used for the transaction

Payment Registration

To register payment in a currency click on the Register Payment payment button and, in the pop-up window, select a currency in the Amount field.

The software can support various currencies and automatically calculates currency rates for vendor bills  or invoices, making accounting transactions simpler and more efficient