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Currencies and exchange rates

This article deals with the settings for currencies and exchange rates. We also describe how foreign currencies are handled in bexio.
→ For even more depth in foreign currencies in bexio, see the "Fiduciary Best Practice" contribution for foreign currencies: «Foreign currencies in bexio»

 

Content

 


 

Currencies

Add currency (including rounding factor setting)

1. In bexio you can enter new currencies or manage existing ones. The currencies can be managed under "Settings" → "All Settings" → "Functions & Modules" → "Currencies and exchange rates".

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2. The overview lists the currencies already entered. Click on the button "Add new currency" to add more.

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3. Complete the input fields:

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Under "Currency", search for either the three-letter country code (ISO code) or the name of the currency.

Under "Round to" you can set the factor to which you want to round. For 0.01, amounts are rounded to the nearest centime. With 0.05 - to five centimes.

With "Fixed exchange rate" you define the exchange rate with which the conversion into the master currency is to take place.

 

Währungskurse

The exchange rate can always be stored in relation to the master currency. You define the master currency when you create your bexio account. As soon as you have entries in bexio (e.g. from invoices), the master currency can no longer be adjusted (unless there is not yet a single entry in the journal for all financial years).

To edit a currency and its exchange rate, click on the "three-point menu" on the right-hand side of the overview. Then select "Edit currency". The exchange rates are entered according to the following principle: 1 Euro corresponds to 1.05000 Swiss Francs, 1 Indian Rupee corresponds to 0.012 Swiss Francs, etc.

 

Delete currency

To delete a currency, click on the "three-point menu" on the right side of the overview. Then select "Delete currency".

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Automatic conversion function

The automatic conversion function in bexio is used when a product is imported into an invoice for which a different currency is defined that for the product. The following requirements must be fulfilled in order to use the function:

 

  • The product is entered in e.g. CHF.
  • The client uses e.g. EUR.
  • An exchange rate has been defined between the two currencies.
  • A different currency has been defined for the invoice than for the product. The currency can be adjusted in the opened document under the tab "Settings".

 

In order for the conversion to work, proceed as follows:

 

  • You enter the product in CHF with the sale price of CHF 100.
  • You define the corresponding exchange rate, which could look as follows: EUR 1 in CHF = 1.06170, or EUR 1 = CHF 1.06170.
  • You create the invoice and select the currency "EUR" in the tab "Settings" within the opened invoice. If this setting is defined after the product has been imported, the price is not recalculated. In this case, you will have to remove the product from the invoice and re-import it so the conversion can be carried out.
  • The next step is to import the euro product into the invoice. The conversion is performed during the import process, which works as follows: Product A: 100 EUR = CHF 106.17 (100x1.06170)

 

You could also create a product in euros and an invoice in US dollars. Here, the calculation is performed as follows:

Product A: EUR 100 EUR = CHF 106.17 (100 x 1.06170) and then Product A: CHF 106.17 = USD 103.61 (106.17/1.02470).

 


 

Posting of currency gains or losses

If you use foreign currencies in your invoices, these are converted automatically into your main accounting currency as per the conversion factor defined by you. If you adjust the conversion factor, currency gains or currency losses are posted automatically.

 

 Example:

 


 

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