You can grow your company by establishing relationships with clients in other countries. However, dealing with exchange rates and foreign currencies can be difficult. The good news is that Moneypex’s new feature of Multicurrency allows you to effortlessly record overseas transactions without having to worry about exchange rate conversions.
Home currency is usually the currency your business uses for its transactions based on where your business is located. Income and expense accounts always use your home currency.
When you set up Moneypex, it automatically sets your home currency. If needed, you can change your home currency:
In Moneypex, the exchange rate is the number of home currency units to get to 1 foreign currency unit. Moneypex uses exchange rates to show how much a foreign currency transaction is in your home currency value. Foreign currency values are automatically updated every day in Moneypex. As Moneypex downloads all the exchange rates and uses the updated rates daily.
Here’s an example of how Moneypex uses an exchange rate on a foreign currency invoice:
Moneypex will automatically convert your home currency into a selected country’s currency and generate the bill.
Moneypex will automatically convert your home currency into a selected country’s currency and generate the invoice.
No, you can now add new currencies to the Moneypex accounting software. Currencies can only be added from the database. If you want to add any currencies you’ll have to contact the management here.
No, you can now delete currencies from Moneypex accounting software. Currencies can only be deleted from the database. If you want to delete any currency you’ll have to contact the management here.
Yes, Moneypex integrates real-time exchange rate feeds, ensuring that your currency conversions are always accurate and up to date.
Absolutely! Moneypex prioritizes data privacy and security, employing robust measures to protect your financial data.
24 July, 2023
Manufacturing has always been a leader in corporate software development. Manufacturing organizations are constantly looking for the best method to stayRead More >>
23 June, 2023
Gone are the days of complex manual calculations and separate spreadsheets for each currency. With Moneypex's Multi-currency support, you can nowRead More >>
22 May, 2023
Accounting automation means using software to replace bookkeepers in typical accounting duties like manual data input. Accounting automation may be a basis for giving rapid and continuous informationRead More >>
Moneypex team is here to give you the best tips for starting, running, or growing your small business. Written for self-employed individuals and small business owners, Moneypex provides insights into the latest trends and expert advice.