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Foreign currencies - How does bexio do that?

Exchange rates

An exchange rate can be defined for every currency recorded in bexio. Consult the report "Manage currencies" for information on how to record currencies.

The exchange rate is always defined in relation to the default currency. You can adjust the default currency in bexio under "Settings - All settings - My company - Basic settings" in the field "Default currency".

 

You can adjust the exchange rate under "Settings - All settings - Functions & modules - Exchange rates".

 

The overview shows you the exchange rates of all the currencies recorded in bexio. Here you can define the current rates and confirm the changes with "Save".

 

The rates are recorded according to the following principle: 1 euro is equivalent to 1.05000 Swiss francs, 1 Indian rupee is equivalent to 0.012 Swiss francs, etc.

 

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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