Base Currency

The Base Currency in Manager.io defines the home currency of your business. All financial reports, transactions, and statements are presented in this currency by default. Setting or changing the base currency is fundamental for accurate financial management, especially for businesses dealing with multiple currencies.

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1. How to Set Base Currency

Step 1: Access the Base Currency Form

1. Go to the Settings tab.
2. Click on Currencies.
3. Select Base Currency.

Step 2: Complete the Base Currency Form

The form consists of the following fields:

• Code:
  Enter the 3-letter currency code (e.g., USD for US Dollar, EUR for Euro). This is used to identify the currency throughout Manager.io.
• Name:
  Enter the currency name (e.g., US Dollar, Euro).
• Symbol:
  Enter the currency symbol ($, €, etc.). This will appear next to amounts in the base currency.
• Decimal places:
  Specify the number of decimal places (default is 2). Most currencies use two decimal places, but adjust if needed (e.g., for Japanese yen, use 0).

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2. How to Change the Base Currency

Note: Changing the base currency is rarely needed, as businesses typically maintain a single base currency throughout their lifecycle. However, when necessary, it’s important to ensure your accounting records remain accurate and consistent.

Steps to Change the Base Currency:

1. Update the Base Currency Form

• Go to Settings > Currencies > Base Currency.
• Enter the new code, name, symbol, and decimal places for the new base currency.

2. Set Previous Base Currency as a Foreign Currency

• Go to Settings > Currencies > Foreign Currencies.
• Add the former base currency as a new Foreign Currency.

3. Review and Update Sub-Accounts

• Go to Bank and Cash Accounts.
  • Update accounts that used the previous base currency to now use the new foreign currency.
• Repeat for these tabs:
  • Customers
  • Suppliers
  • Employees
  • Special Accounts

4. Review and Update Transactions

• In Journal Entries, ensure transactions that were in the old base currency now use the new foreign currency.
• In Expense Claims (if used), make the same adjustments.

5. Update Exchange Rates

• Previous exchange rates are now incorrect, as they were based on the former base currency.
• Update all exchange rates to reflect the new base currency.

6. Batch Update Transactions

• After updating exchange rates, batch update all transactions that used old exchange rates so that they now use the correct new rates.

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Summary

Setting the correct base currency is essential for maintaining accurate accounts in Manager.io. While changing the base currency is uncommon, following the outlined steps ensures all historical and current data is accurately transitioned, preventing discrepancies in your financial records.

For most users, setting the base currency at the beginning is sufficient. Use the change process only if absolutely necessary and ensure thorough review of all exchange rates and account settings.

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Tip: Always backup your data before making significant currency-related changes in Manager.io.