The Currencies screen, found under the Settings tab, allows you to manage and tailor the currencies for your business transactions. This is especially useful for businesses involved in international activities, enabling them to establish a base currency and incorporate various foreign currencies.
The Currencies screen has the following sub-sections:
The Foreign Currencies screen is where you can create and manage a list of your foreign currencies. This allows you to record transactions in currencies other than your base currency. For more information, see Foreign Currencies.
The Exchange Rates screen is where you can create and manage a list of your exchange rates. This is essential for accurate conversion of foreign currency transactions to your base currency. For more details, see Exchange Rates.
The Base Currency form is where you set the base currency for your business. This is the primary currency in which your accounts are maintained. To learn more, see Base Currency.