Managing Exchange Rates in Odoo18

SIDHARTH
January 17, 2025
odoo-18-managing-exchange-rates

How to manage exchange rate in odoo18 s multi-currency feature, users can create and send sales invoices, quotations, and purchase orders in multiple currencies. When this option is other currencies can used for transactions, and reports can for foreign activities. Odoo’s multi-currency feature allows companies to transact in other currencies inside their business The process involves issuing invoices receiving bills, recording transactions, opening bank accounts, and reporting foreign currency transactions.

Creating Multi Currencies in Odoo

Navigate to the “Currencies” section under the “Configuration” menu to configure or manage multiple currencies. A dashboard in this section displays details about all currencies previously created in your Odoo Accounting Database, including Currency Name, Currency Symbol, Last Updated, Current Exchange Rate, etc.

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For instance, as shown in the screenshot below, you can select USD from the list in the Currencies window by clicking the toggle button located in the “Active” section beside the currency you wish to enable. Click the “New” button in the Currencies window to create a new currency entry currency.
This action opens a configuration form similar to the one below, where you can enter the necessary currency details.

multi-currency-configuration-odoo

The currency prefix should in the ‘Currency’ field, after which the ‘Name,’ ‘Symbol,” Currency Unit ‘ and ‘Currency Subunit entered.

Create Vendor Bills

The first thing you need to do is select the ‘New’ option to open the relevant window. From this window, you can create a vendor bill by selecting your supplier in the ‘Vendor’ field and providing the bill reference in the ‘Bill Reference’ field. when you enable the ‘Auto-Complete’ feature, certain fields auto-populated based on the previous bill details associated with the same vendor .You can enter the accounting date in the ‘Accounting Date’ field and specify the invoice date in the ‘Bill Date’ field. In addition, you can select the recipient bank and enter a ‘Payment Reference’. In the ‘Due Date’ field, set the due date, select the appropriate journal for the bill, and set the currency to USD.

create-vendor-bills-odoo

Invoice bills can be viewed alongside journal items, facilitating journal entries for specific accounts. With multiple currencies and automated currency rate calculations, accounting transactions can be managed more efficiently within Odoo.

 accounting-transaction-multiple-currency-odoo


Conclusion

Odoo’s multi-currency option makes international financial management easy because it has features such as multiple currencies, automatically updates exchange rates, detailed reporting, etc. When doing business internationally, you need accurate invoices, bills, journals, which, with its automatic processes and easy customizable option, reduces errors and makes it ideal for managing global accounting processes.

Do you have questions on how to manage exchange rates in Odoo18 or do you want help? Transines Solutions assists you with in advancing your business communication effectively Get a free Odoo Consultation now our consultants offer expert guidance on implementing Odoo to your business requirements Reach out to us today and get on your journey to greater efficiency and success.

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