Here’s what you need to know about multi-currency on Magnetic:
Is your base currency correct?
Admin users - please ensure you have the correct base currency set for your company. To check this:
Go to Company Settings under your name. Under the Accounts > Accounts Integration Settings, view the Base Currency saved for your company. Change the currency if necessary and select save.
How will this affect account items e.g. Tax Invoices?
You are now able to choose the currency for each account item. For example, you can create a Tax Invoice in ZAR, GBP or USD, or any other currency. Magnetic will pull in the latest foreign exchange rate which you can override if you would like. The account item will be saved in the currency selected.
In the Accounts section, you will now have columns available that will display the account item’s currency and amount as well as the amount in your base currency. You will also be able to filter on the account item's currency.
How will reports be calculated?
Reports will display all values in the base currency. If the account item is in a different currency, the amount will be calculated using the foreign exchange rate set on the invoice when saved.
Accounting platform integration
Note: For companies that have account items in a different currency than your base currency. Please follow the steps below: