If your business deals with foreign customers, international suppliers, or has bank accounts in multiple currencies, it's essential to reflect accurate exchange rates in your records. This guide explains when and how to input exchange rates, how they affect the amount and balance calculations, and how currency conversions are displayed.
Step 1: Entering or Editing Exchange Rates
When a transaction is made in a currency other than your business’s base currency, the system needs an exchange rate to convert it and record the correct value. To add or edit the exchange rate for a transaction:
Go to your Bank Transactions Table via the sidebar.
Locate the specific transaction row that involves a foreign currency.
Click into the Rate field for that row.
Enter the applicable exchange rate (e.g.,
₦1500if $1 = ₦1500).As soon as you enter the rate, the system automatically:
Converts the transaction amount to your base currency.
Updates your Balance and Amount fields accordingly.
💡 Tip: If you upload a PDF or CSV and include currency details, Adam can detect the original currency and apply the exchange rate you specify in your upload prompt.
Step 2: How Exchange Rates Affect Amounts and Balances
Adding a valid exchange rate ensures your financial data stays consistent and reliable. Here’s what happens after entering a rate:
The Amount field shows:
The original currency of the transaction (e.g., $100)
The converted amount in your base currency in parentheses
For example: $100 (₦150,000) if the rate is ₦1500 to $1.
The Balance field updates using the converted value only. This keeps your running balance accurate in your business’s default currency.
Your reports, exports, and ledger calculations will use the converted base currency amount for consistency.
Note: These changes ensure your profit & loss statements, cash flow reports, and tax filings remain aligned across currencies.
Step 3: How Currency Changes Appear in the Table
To help you track cross-currency transactions easily, the system indicates any conversion applied.
Column | What It Shows |
Amount | Original amount in the foreign currency, with the converted base currency in brackets. |
Rate | The exchange rate used for conversion (editable). |
Balance | Always displayed in your business’s base currency after conversion. |
📌 Important: Currency conversions are visible and editable only for transactions marked with a currency different from your business base currency. For same-currency transactions, no rate field will appear.