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Foreign currencies in bexio

Can foreign currencies be used in bexio? Yes, because it's possible to record a foreign currency and an exchange rate. The account form reports each show the foreign currency with the final balance. Realised exchange rate gains and losses are posted correctly when the payment is made. Unrealised exchange rate gains and losses need to be posted manually. Posting a pure base currency is also permitted in banks in a foreign currency. It is therefore important that the posting is correct and that the foreign currency is not forgotten. If the bank account is connected via banking, the correct posting is automatically carried out in the foreign currency in question. The exchange rates can be stored manually in an exchange rate table or changed, depending on the module, when the posting is made.

This ability to handle foreign currency postings flexibly also allows income accounts to be evaluated with foreign currencies (in all their variety). Interesting key figures on foreign currency risks can thus also be evaluated, and it is possible to quickly and efficiently check whether exchange rates are being used correctly (especially with regard to VAT).

Supplementary contributions:
❯ Currencies and exchange rates

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Foreign Currencies in Accounting

bexio keeps all your accounts in your local currency. This means that all entries in a foreign currency (e.g. invoices in euros) are converted into your local currency. All entries are displayed in your local currency across all your accounts. Entries are converted according to the exchange rate you enter.

Here is an example of how the automatic conversion works:

  • You create a product in CHF worth CHF 100.00
  • You create an invoice in EUR
  • You import the product into the invoice
  • The amount is converted according to the exchange rate you entered and automatically displayed in the invoice
  • We enter the value of the invoice in CHF (your local currency) directly into your accounts

For example, if you import a product in EUR based on an invoice in USD, we calculate as follows:

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

Warning! This means that all transactions in your accounts are always displayed in your local currency. (All accounts are kept in your local currency).

 

Currency gain or loss entries

If the currency exchange rate when paying an invoice is different from the rate that applied when the invoice was created, we automatically enter either a currency gain (selected revenue account from the document) or currency loss (selected expense account from the document) depending on the type of change.

You can find more information about foreign currencies in bexio here.

 


 

Foreign Currencies in Sales and Purchasing

In the sales and purchasing areas, you can choose the currency for each document. That means you can send the document in the desired currency to your customers, or display supplier invoices in the form you received them.

All entries in your accounts are converted into your local currency using the saved exchange rate. Please ensure that you enter the exchange rate used by the bank when you create, for example, a new payment receipt.

Warning! Regardless of the currency an invoice is created in, bexio always enters it into the accounts receivable account 1100 – “Sales from deliveries and services.” For that reason, it is not possible to keep different accounts receivable accounts for different currencies in bexio. The same goes for supplier invoices and the accounts payable account.

 


 

Foreign Currencies in Banking

You must choose a currency for every payment order. All foreign currencies included in bexio are supported. Please make sure that different foreign currencies are supported by your financial institutions and bank contracts. If not, a payment created in a foreign currency in bexio may not be accepted by your bank. Please always check the payment in your online banking.

When a payment order is created based on a supplier invoice, it must use the currency of the supplier invoice, including if it is a foreign currency.

For transaction matching, credits and debits can be processed in a foreign currency. When entering invoices, supplier invoices, or expenses, an exchange rate must be manually entered when you match payments if the currency of the document does not match the currency of the transaction (e.g. the invoice is in CHF and the payment is received in EUR).

If the currencies match (e.g. the invoice and payment receipt are both in EUR), all entries in your accounts will be converted into your local currency according to the saved exchange rate.

All customer account entries and manual entries are also converted into your local currency according to the saved exchange rate.

 


 

Foreign Currencies in Projects

You can specify the currency in which services and expenses should be calculated for each project. Any invoices from that project will automatically be created in the selected currency. However, the accounts for the project itself will always be kept in your local currency.

 


 

Foreign Currencies for Products

You can specify the currency in which purchase and sale prices should be displayed for each product you create. When you import a product into a document (e.g. an invoice or supplier invoice), the product will automatically be converted into the document’s currency using the exchange rate saved in the settings.

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