Set up currencies

WbizManager keeps your books in one base currency. Any other currency you use on invoices, bills or purchase orders needs its own exchange rate to the base currency. You can also mark one currency as the reporting currency.

Exchange rates are always "how many units of the base currency one unit of this currency buys". For example, if 1 USD = 1,500 NGN and NGN is your base currency, the USD rate is 1500.

Steps

1. Open Settings › Currency Setup

   In the menu on the left, select Settings, then Currency Setup.

   

   1. Currency Setup under Settings.
   2. Create New adds a currency.
   3. Fetch Rates gets today's rates for your foreign currencies, if automatic rates are set up for your organisation. When they aren't, the button is greyed out and you enter rates by hand.
   4. Exchange Rate opens the rate history of the currency ticked in the list. You can't tick the base currency.
   5. The ⋮ menu on each row: View, Edit, Set as Base, Set as Reporting and Exchange Rates.
2. Add a currency

   Select Create New and fill in the form.

   

   1. Currency Name (for example US Dollar), ISO Code (exactly 3 letters, for example USD) and Symbol (for example $). All required.
   2. No. of Decimals and Thousand Separator: how amounts are shown.
   3. Initial Exchange Rate: 1 unit of this currency in base currency units. Required, and more than 0, unless this is the base currency (its rate is always 1).
   4. Base Currency and Reporting Currency: tick only when this currency is your base or reporting currency.
   5. FX Differences Account: the four accounts exchange differences post to. All required.
   6. Save.

   The four exchange-difference accounts:

   Account	Used for
   Realised Gain Account	A gain when an invoice or bill is paid at a better rate than it was raised at.
   Realised Loss Account	A loss when it is paid at a worse rate.
   Unrealised Gain Account	A gain when open balances are revalued at a new rate.
   Unrealised Loss Account	A loss when open balances are revalued at a new rate.

   The initial exchange rate is saved as the currency's active rate.

3. Change the base currency (only if you need to)

   Set your base currency before you post anything. To change it, open the ⋮ menu on the new currency's row and select Set as Base. The Change base currency window opens and shows the change, for example NGN → USD · US Dollar.

   

   1. The current base currency and the one you're changing to.
   2. What changes and what stays.
   3. Tick the box and type the new currency's code to confirm.
   4. Make … the base currency makes the change.

   What you see depends on whether your books already have posted journals:

   • No posted journals yet: the window says it is a clean switch. Select Make … the base currency. Then add exchange rates for your other currencies against the new base.
   • Posted journals exist (or WbizManager couldn't check): the window warns you, for example Your books already have 29 posted journals, and lists what the change does.

   What changes	What stays
   New invoices, bills, payments and journals convert to the new base currency when they post.	Posted entries keep the base amounts they were recorded with. Nothing is converted again.
   Exchange rates are read against the new base. Add a rate from the old base to the new one, and check the others before posting.	Reports that cover the change mix amounts in the old and new base currency. Change at the start of a financial period and close the previous one first.
   Realised and unrealised gains and losses are worked out against the new base.

   To go ahead, tick I understand posted entries are not re-converted and reports across the change mix currencies., type the new currency's code in Type … to confirm, and select Make … the base currency.

   If you don't have permission to edit currency settings, you see You don't have permission to change currency settings.

4. Add a new exchange rate

   Rates change, so add a new one whenever you need to. On the list, open the row's ⋮ menu and select Exchange Rates (or tick the row and select Exchange Rate).

   The Exchange Rate History page lists every rate with its Date, Setup (Manual or Auto), ISO Code, Exchange Rate and Status.

   At the top right, a reminder shows how to enter a rate against your base currency. The switch in Actions makes a rate active or inactive, and the bin deletes an inactive rate.

   To add a rate:

   1. Select Add lines.
   2. Pick the date the rate applies from, leave Manual, and type the rate.
   3. Select the tick to save the row.
   4. A new rate is saved as inactive. Switch the old active rate off, then switch the new one on.

Rules to know

• There can be only one base currency. To change it later, use Set as Base on the new currency and confirm in the Change base currency window. WbizManager refuses the change once your company has any transactions.
• The base currency has no exchange rates of its own.
• A currency can have only one active exchange rate at a time.
• You can't delete the active rate. Switch it off first.
• A currency used in invoices, bills or exchange rates can't be deleted.

If something goes wrong

Message	What to do
ISO code must be exactly 3 characters	Use the three-letter code, for example EUR.
Currency with this code already exists!	The currency is already set up. Find it in the list.
Base currency already exists. Use currency settings to change it.	Untick Base Currency. To change the base currency, use Set as Base on the row.
Another active exchange rate exists for this currency!	Switch the current active rate off before switching the new one on.
Cannot delete active exchange rate!	Switch the rate off first.
Exchange rates cannot be set for base currency	Choose a foreign currency instead.
The base currency wasn't changed: Cannot change base currency while there are active transactions …	Your base currency is fixed once you have transactions. Ask your WbizManager administrator.
You don't have permission to change currency settings.	Ask your administrator for the permission to edit currency settings.

Related

• Set up the chart of accounts
• Create a purchase order, which lets you choose a currency and exchange rate
• Set up number series