Once currencies and exchange rates have been created Brightpearl prices, orders, invoices, payments, contacts and bank accounts can be managed in those currencies. Brightpearl accounting will record the foreign currency transaction values and also the converted base currency values for financial reporting.
How to add a currency
- Go to Settings > Company > Currencies.
- Click the Add currency button.
- Select the currency.
- Enter the currency symbol.
- Select the exchange rate variance account code. This is not currently used, but is ready for when full multi-currency support for payments and bank accounts is introduced).
- Enter the currency exchange rate.
- Click Save.
Managing exchange rates
Brightpearl exchange rates need to be manually added and updated. The current exchange rate for a currency will be automatically used for new transactions, but can be manually overridden on the transaction where required.
An exchange rate is assigned an active date to specify when it automatically comes into play, allowing future exchange rates to be created and automatically used as of that date.
A full history of the exchange rates is retained for each currency.
How to set exchange rates
- Go to Settings > Company > Exchange rates.
- Click Add rate.
- Select the currency and enter the date and rate.