In BizCentric, you have the option to create transactions in foreign currencies. When creating transactions in a foreign currency, the system automatically updates the current exchange rate based on the customer/supplier’s currency and the base currency of your company. Because exchange rates are subject to fluctuation, it’s possible to receive payments from clients at rates different from those mentioned in the Sales/Purchase Invoice. The following instructions outline how to manage variations in payment amounts due to changes in exchange rates.

Add Expense Account

To handle currency discrepancies, establish an Account for Exchange Gain/Loss. Typically, this account is situated on the Expense section of the Profit and Loss statement. However, you have the flexibility to allocate it to a different group based on your specific accounting needs.