Do I need a separate account for each currency?

No. Each quotation and invoice has its own Currency; the account's Default currency only sets where a new one starts.

Should I use the automatic rate or my own?

Keep the automatic rate unless your contract with the customer fixes one. A rate more than 5% away from the automatic one is flagged before you apply it, which catches a slipped decimal point.

What if easySales has no rate for the customer's currency?

The rate line says there is no automatic rate. Select Change rate and type the rate yourself before you issue the invoice.

Invoice in your customer's currency

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An overseas customer pays more readily when the quotation and invoice are in their own currency. In easySales each document carries its own currency, the rate is fixed when you issue the invoice, and any difference is measured when the money arrives.

How to do it

On the customer’s account, set the Default currency. A new quotation or invoice for one of its contacts then starts in that currency.
On the quotation or draft invoice, check the Currency. An invoice raised from a quotation keeps the quotation’s currency.
On the draft invoice, read the rate line under the currency: the automatic rate, its source and its date. If you agreed a rate with the customer, select Change rate, type the New rate and select Apply.
Issue the invoice. Its rate is now fixed: the PDF, the customer’s receivables and the statement all use it.
When the money arrives, select Record payment, enter the Amount received in the invoice’s currency, and change Amount in SGD, or your own base currency, to what your bank credited.

Why it helps

The customer owes the invoice’s currency, so a USD invoice paid in full in USD reads Paid, whatever rate the bank used that day. The gap between the invoice’s fixed rate and what your bank credited is a realised exchange gain or loss in your own records, not a balance for the customer to settle. Fixing the rate at issue also keeps a closed month’s sales figure from moving each time rates change.

Example

Lim & Co’s base currency is SGD. Mei Tan invoices Bayview Hotel Group USD 5,000.00 at the automatic rate of 1 USD = 1.351200 SGD, so the invoice is worth 5,000.00 × 1.351200 = SGD 6,756.00.

Three weeks later the hotel pays USD 5,000.00 and the bank credits SGD 6,730.00. Daniel Lim records the payment with Amount in SGD 6,730.00. The invoice reads Paid, and the receipt’s Exchange gain/(loss) section shows a loss of SGD (26.00): 6,730.00 − 6,756.00.

Common questions

Do I need a separate account for each currency? No. Each quotation and invoice has its own Currency; the account’s Default currency only sets where a new one starts.
Should I use the automatic rate or my own? Keep the automatic rate unless your contract with the customer fixes one. A rate more than 5% away from the automatic one is flagged before you apply it, which catches a slipped decimal point.
What if easySales has no rate for the customer’s currency? The rate line says there is no automatic rate. Select Change rate and type the rate yourself before you issue the invoice.