How to handle forex business in accounting

Odoo is the world's easiest all-in-one management software.
It includes hundreds of business apps:

CRM
e-Commerce
Accounting
Inventory
PoS
Project management
MRP

Take the tour

Posts People Badges

Tags View all

odoo accounting v7 pos invoice

About this forum

Help

How to handle forex business in accounting

1 Reply

3695 Views

accounting exchange currency currencyrates

Aersolution Interior AG

We are working with 3 different currencies. CHF as our main curreny, EUR and USD. So we are faced to currency exchange transactions mostly from USD to CHF but also from USD to EUR and some times from CHF to EUR. This happeny 3-4 times a month.

Question. What is the best practis to handle such transactions in odoo?

Thanks for your help.

Best regards

Roger

Aersolution Interior AG

Author

Hi Ray

Thanks for your valued input

BR Roger

Ray Carnes (ray)

Best Answer

1. Setup your three bank accounts - each will create a Journal that is in the Currency that the bank holds funds in (even though each account will be recorded in CHF in Odoo).

2. Follow the transfer between accounts workflow explained at https://www.odoo.com/forum/help-1/v14-how-do-i-record-a-bank-transfer-from-two-accounts-in-different-currencies-with-a-specific-exchange-rate-179026

This question has been flagged