When we use the multi-currency option in Odoo, we can send quotes and purchase orders, sales invoices, and payments in any currency. Multi-currency also lets us set up foreign currency bank accounts and run reports on foreign currency transactions.
With global transactions and expense management, multi-currency management is essential. Online payment methods have simplified fund transfers and other business activities, but many business firms still have difficulty managing multiple currencies. But now that Odoo has a proper system to manage multiple currencies, this concern can be put to rest.
Multi-currency systems are essential for international trade and business. If a company relies on a multi-currency system to deal with the international market, it can achieve greater success.
With an efficient multi-currency system, employees can send their expenses in the currency of the corresponding country. The system will automatically convert it to other currencies.
The Odoo team has introduced a multi-currency management system that users can easily set. This feature can be used to coordinate operations in different countries.
Multicurrency operation is an important feature in accounting modules since accounting deals with all types of transactions and expenses. With Odoo Accounting, multi-currency management becomes simple and effective. By using Odoo accounting module, users can manage different types of activities with a multi-currency system.
Odoo multi currency management feature allows users to manage all transactions, including invoices, quotes, purchases, and other activities, without any hassle. It can also be used to receive bills, payments, and instalments of payments in any currency format. The system will also support maintaining financial balance in multiple currencies. The system will also support the generation of reports based on the use of foreign currencies.
We can now see how Multi currency operations can be configured in Odoo.
Going to Accounting–> Configuration–> Setting–> Currencies–> Multi-currencies
You simply need to turn on the multi-currency option here. Once you’ve saved your changes, you can activate the currencies you want. The user can select many currencies from the list. It is easy to activate the required currencies after studying the company’s operations.
Exchange Gain or Loss
With this option, you can calculate the difference between the payment registration and the expected payment. Again, Multicurrency management makes it easy to calculate the difference.
Automatic Currency Rates in Odoo
With some ERP systems, you have to manage the currencies manually. Odoo, on the other hand, helps you to manage and synchronize currencies. This feature can be used to access different services, such as Yahoo, Europe Central Bank, and others. It helps to obtain currency rates automatically. It is also possible to set the frequency of currency conversion. The frequency can be set manually, daily, weekly, or monthly. Odoo offers you a wide range of options.
Odoo allows the client to design various monetary standards, set its conversion scale, and allocate different monetary standards. It also supports multi-currency and automatically adjusts gross or loss entries for each currency.
By using the odoo currency exchange method, users can manage different types of activities with a multi-currency system.
If you plan a new ERP Software implementation and you have heard about Odoo and got attracted by the Odoo ERP platform, decided to use it but don’t have time, resources, or knowledge to manage this yourself, thereby looking for professional assistance, then you have come to a right place. Bassam Infotech has implemented scores of Odoo ERP all around the world. In addition, we have also developed and delivered our own customized Odoo applications with minimal Odoo implementation cost.