In Odoo, every transaction is recorded in the company's default currency. Reports are based on the company's currency. For transactions occurring in other currencies, Odoo stores both the value in the company's currency and the value in the transaction currency.
When you have a bank account in a foreign currency, for each transaction, Odoo saves two values:
Debit/Credit in Company Currency
Debit/Credit in Bank Account Currency
The exchange rate will update automatically, using yahoo.com or the European Central Bank's online service.
Configuration
Activate Multi-Currency Function
To enable your company to use multiple currencies, you should activate the multi-currency mode. In the accounting application, go to Configuration ‣ Settings ‣ Accounting & Finance Features, ensure Allow Multi-currencies is checked. Provide a Currency Exchange Gain / Loss account, then click Apply.
Configure Currency
Once Odoo is configured to support multiple currencies, you should activate the currencies you plan to use. To do this, go to the menu Configuration ‣ Currencies. By default, all currencies are already created. However, you should activate the currencies you plan to use. (To activate a currency, check its Active field)
After activating the currency, you can configure the parameters for automatic exchange rate updates. These options are also set in the accounting application, at the bottom of the page:
Click the Update Now link to get the latest exchange rates.
Create Bank Account
In the accounting application, we first go to Configuration ‣ Accounting / Bank account, and we create a new account.
Once you save this bank account, Odoo will create all documents for you:
Trial balance accounts
Display this ledger on the dashboard
If the checkbox is selected, bank information will be displayed in the invoice footer.
For example: Supplier invoice in foreign currency
Based on the above example, we assume we have received an invoice from a Chinese supplier.
In Purchase ‣ Vendor Bills, you can see:
Once you are ready to pay this bill, click Record Payment to pay.
This is what you need to do. Odoo will automatically record the exchange rate difference between the invoice date and payment date as foreign exchange gain or loss during reconciliation.
Note: You can pay foreign currency invoices in another currency. In this case, Odoo will automatically complete the conversion between the two currencies.
Customer Statement
Customer and supplier reports are managed in the invoice currency. Therefore, the overdue amount for customers (suppliers) is always expressed in the invoice currency.
If the same customer has invoices in several different currencies, Odoo will group them by currency, as shown in the report below.
In the above report, Camptocamp-related accounts receivable are not managed in a second currency, meaning each transaction uses its own currency. If you prefer, you can set a second currency for this customer's accounts receivable, and all of their debts will be automatically converted to that currency.
In this case, the customer statement always contains only one currency. Generally, this is not what the customer wants; they prefer to see the amounts in the currency in which they received the invoice.
