Base Currency

The Base Currency in Manager.io represents the primary currency your business operates in. By default, all accounts are configured to use the base currency, and all financial statements are presented in this currency. This guide will walk you through setting up your base currency and changing it, if necessary.

Accessing the Base Currency Form

To set or update your base currency, follow these steps:

1. Navigate to the Settings tab in Manager.io.

2. Click on Currencies.

   Settings

   Currencies

3. Click on Base Currency.

Configuring Base Currency Details

In the Base Currency form, you'll need to fill out the following fields:

Code

Enter the currency code, such as:

• USD for US Dollar
• EUR for Euro

This code is essential for identifying the currency when entering exchange rates.

Name

Provide the name of the currency, like:

• US Dollar
• Euro

The currency name appears in dropdown menus for easy selection.

Symbol

Input the currency symbol, for example:

• $ for US Dollar
• € for Euro

The symbol is displayed alongside amounts in your base currency.

Decimal Places

Specify the number of decimal places used by the currency. The default is 2, as most currencies use two decimal places.

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Changing the Base Currency for an Existing Business

While it's uncommon, you might need to change the base currency of your business. This process requires careful steps to maintain accurate and consistent financial data.

Steps to Change the Base Currency

1. Update the Base Currency Information:

   • Go to the Settings tab, then Currencies, and select Base Currency.
   • Update the Code, Name, Symbol, and Decimal Places to reflect the new currency.

2. Create the Previous Base Currency as a Foreign Currency:

   • In the Settings tab, click on Currencies, then select Foreign Currencies.
   • Add the previous base currency as a new Foreign Currency.

3. Review and Update Balance Sheet Sub-Accounts:

   • Visit the Bank and Cash Accounts tab.
   • Ensure all accounts previously using the base currency now use the newly created foreign currency.
   • Repeat this process in the Customers, Suppliers, Employees, and Special Accounts tabs.

4. Review and Update Transactions:

   • Go to the Journal Entries tab.
   • Update all journal entries that were in the old base currency to use the new foreign currency.
   • Repeat this step in the Expense Claims tab, if applicable.

5. Update Exchange Rates:

   • Recognize that all existing exchange rates are now incorrect, as they were based on the old base currency.
   • Update all exchange rates to reflect rates against the new base currency.

6. Batch Update Transactions:

   • After updating exchange rates, batch update all transactions that used the old rates.
   • Ensure they now apply the updated exchange rates.

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By meticulously following these steps, you can successfully change the base currency for your business in Manager.io. This ensures all your financial data is accurately represented in the new base currency, maintaining the integrity of your accounts.

Note: Changing the base currency is a significant alteration. It's advisable to back up your data before proceeding and consult with an accounting professional if necessary.