Currencies

Alpha supports multi-currency operations, allowing you to transact with suppliers and clients in their preferred currencies while maintaining your books in a base currency.

Currency Management

Base Currency

Your organization's base currency is set during initial configuration. All financial reports and summaries are presented in the base currency.

Supported Currencies

Add and manage the currencies your organization works with:

1. Navigate to ERP > Administration > Settings
2. Under Currencies, add the currencies you need
3. Each currency includes its ISO 4217 code (EUR, USD, GBP, etc.) and symbol

Exchange Rates

Setting Exchange Rates

Exchange rates define the conversion between foreign currencies and your base currency:

Rate Application

• Exchange rates are applied based on the transaction date
• The system uses the most recent rate effective on or before the transaction date
• If no rate is found for a specific date, the most recent available rate is used

Multi-Currency in Practice

Invoices

• Sales invoices can be issued in the client's currency
• AP invoices are recorded in the supplier's currency
• Amounts are converted to the base currency for reporting

Purchase Orders

• POs can be created in the supplier's currency
• Goods receipt values are converted at the rate on the receipt date
• Exchange rate differences between order and receipt are tracked

Estimates

• Estimates can be prepared in the client's preferred currency
• Conversion happens at the rate on the estimate date

Bank Transactions

• Imported bank transactions in foreign currencies are converted using the transaction date rate
• Reconciliation handles cross-currency matching

Exchange Rate Differences

When exchange rates fluctuate between the time a document is created and when payment is made, the difference is recorded:

• Realized gains/losses occur when payment is made at a different rate than the invoice rate
• These differences are tracked automatically during payment recording and reconciliation

Best Practices

• Update rates regularly to ensure accurate conversions
• Set rates before processing transactions for the period
• Review exchange rate differences as part of your period-end closing process
• Use consistent rate sources (e.g., ECB daily rates) for auditability