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Multi-Currency Setup

IsleBooks POS supports selling, purchasing, and recording transactions in multiple currencies while maintaining your accounting records in a single base currency.

Exchange rates are automatically applied when transactions are created, and the base currency equivalent is permanently stored for accounting purposes.

Multi-currency can be used throughout IsleBooks, including:

  • POS Sales

  • Sales Invoices

  • Purchases

  • Expenses

  • Other Income

  • Payment Recording

Enabling Multi-Currency

  1. Go to Settings → Business Settings → Forex.

  2. Enable Enable Multi-Currency for this Business.

  3. Click Save Settings.

Your business base currency remains unchanged.

Allowed Currencies

Choose which foreign currencies users are allowed to use.

Common examples include:

  • USD

  • EUR

  • GBP

  • LKR

  • IDR

The base currency is always available automatically and does not need to be added manually.

To add a new currency:

  1. Enter the three-letter currency code.

  2. Click Add.

  3. Save your settings.

Only the currencies in this list are available during transactions.

Document Display

Choose how foreign currency amounts appear on printed documents.

Available options include:

Dual (Recommended)

Displays:

  • Foreign Currency amount

  • Base Currency equivalent

This option is recommended for businesses that primarily operate in the base currency but occasionally sell in foreign currencies.

Foreign Currency Only

Displays only the transaction currency.

Internal accounting continues to use the base currency.

Base Currency with Foreign Currency Note

Displays the base currency as the primary amount with the foreign currency shown as supplementary information.

Useful when foreign currency transactions are occasional.

Exchange Rates

IsleBooks automatically retrieves exchange rates from supported providers.

The Today's Effective Rates section displays:

  • Currency Pair

  • Current Exchange Rate

  • Rate Source

  • Effective Date

Click Refresh Rates Now to retrieve the latest available exchange rates.

Business Exchange Rate Overrides

If your business uses negotiated or custom exchange rates, you can override the automatically retrieved rates.

To create an override:

  1. Select the foreign currency.

  2. Enter your custom exchange rate.

  3. Choose the effective date.

  4. Click Add Override.

Business overrides always take precedence over automatically retrieved exchange rates.

The override remains active until it is replaced or removed.

Using Foreign Currency

After Multi-Currency has been enabled, users can select an allowed currency when creating supported transactions, including:

  • POS Sales

  • Sales Invoices

  • Purchases

  • Expenses

  • Other Income

The transaction is recorded in the selected currency while IsleBooks automatically stores the equivalent amount in the business base currency for accounting purposes.

Best Practices

  • Enable only the currencies your business actually accepts.

  • Use automatically updated exchange rates unless your business has negotiated rates.

  • Use Business Overrides when contractually required exchange rates differ from market rates.

  • Review exchange rates regularly before processing large foreign currency transactions.

  • Use Dual document display if customers and accounting staff need to see both the foreign currency and base currency values.

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