Any ideas on how to use multiple currencies in Simply Accounting

[openid]

I need to know how to set up US dollars and Canadian dollars, two types of currencies in Simply Accounting.

Is this feature available in Simply Accounting Pro version? and how do I access it.

[Troubleshooter5899]

Simply Accounting Pro, Premium and Enterprise versions all have the capabilities for multiple currencies.
Just go to your Settings menu, under company, you can add a foreign currency, and update the exchange rate daily, weekly, monthly,.....
Here are some tips:
1. You need to tag the foreign suppliers and foreign customers, and the foreign currency remains linked with them. Once set up, it cannot be changed.
2. Your sales and purchases will show at the foreign currency face values on your customer detail report or vendor detail report. However, the corresponding revenue and expense accounts for your entries through the purchase or sales journal are automatically calculated at your home currency amounts.

These are all good and well. The only drawback is that your foreign currency bank account will show the translated amounts in your home currency. This is a pain when reconciling your foreign bank account.

[LuisAngel]

It is easy enough to use an exchange rate to translate between different currencies. Multi-currency transactions can incur foreign exchange gains or losses. To avoid confusion, let me point out that some older GnuCash versions (such as 1.8.11) implemented something called "currency trading accounts".

[Aidan014]

Hi all, here every person is sharing these kinds of know-how, so it’s nice to read this website, and I used to go to see this forum daily.

[kaamil20]

Yes, You can use different currencies in accounting but it is difficult to manage the system.

[alice]

Accounting with multiple currencies can be tricky. It is easy enough to use an exchange rate to translate between different currencies. But things get less obvious when one takes into account how exchange rates fluctuate over time. Multi-currency transactions can incur foreign exchange gains or losses. How does one account for these, while respecting the Fundamental Accounting Equation? Do different accounting methods give different results? What are their advantages and disadvantages? Does one need to pick a single reference currency, and why? And most importantly, how does all of this work?