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Currencies and exchange rates

This article deals with the settings for currencies and exchange rates.

Supplementary contributions:
❯ 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.

Important: The rounding factor is not applied to expenses. This means that the amount will be booked as you have entered it in the expenses.
If, for example, you have entered a rounding factor of 0.05 (5 centime rounding) and enter an expense of Fr. 9.96, we will book exactly this amount of Fr. 9.96. This amount will not be rounded down to Fr. 9.95.

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

 

Exchange rates

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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Invoicing/settings

In the case of companies liable to pay tax, the use of the correct exchange rate is very important. The currency exchange rate that corresponds to the invoice date must therefore be checked or adjusted in the settings.

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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.

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In most cases, the monthly average rate published by the Swiss Federal Tax Administration (FTA) is sufficient. This exchange rate is always published by the FTA  on the 25th of the month, or the first working day following this, always with respect to the following month. Example: On 25th May, the monthly average exchange rate for the month of June is published.

The current monthly average exchange rate can be found on the website of the FTA under the following link: FTA monthly average exchange rate

The receipt is now issued in the relevant foreign currency. The incoming payment is made to the foreign currency bank account that has been set. The exchange rate and the associated foreign currency bank account can be selected in the invoice settings.

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Receipt of payment

The customer's payment is made to the foreign currency account recorded on the invoice. The bank posts the amount received in the specified foreign currency. The incoming payment is posted either in banking or via the manual incoming payment.

When the payment in foreign currency is posted in the sub-ledger, bexio automatically posts exchange rate gains or losses if the calculated base currency invoice amount does not match the calculated base currency payment amount. This posting primarily balances the customer collective account (debit/credit) in the base currency (which, in most cases, is CHF). When the exchange rate gains and losses are automatically posted, all discounts, partial payments, etc., are then correctly taken into account in a thorough calculation of all posting options.

 


 

Example – invoicing/incoming payments in euros

Customer account cleared, holdings of Euro = 0, no valuation necessary

Account form 1100 (accounts receivable)

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