To add a new currency, click on the 'New Currency' button on the page's top right-hand corner.
This opens a dialog box. In the dialog box, enter the currency's name, its ISO code, the currency symbol you want to use, and the exchange rate.
Prices can always be adjusted later for Sales Orders and Purchase Orders.
Once you're done entering the currency details, click Create.
Success! You have now created a new currency.
If you are unsure which currency to use as your base currency, here's something to help you:
Fundamentally your base currency should be the currency you conduct your accounting in. For this reason, most American companies would choose the US Dollar as their base currency. Similarly, Singaporean companies would pick the Singapore Dollar.
TradeGecko allows you to conduct Sales and Purchases in multiple currencies. However, at the end of the day, all transactions are converted to the base currency.
For Sales Orders, this conversion is done when you fulfill the order (or on each partial fulfillment).
For Purchase Orders, it is done when you receive the order (or on each partial receipt).
Here are 3 tips to help you decide what your base currency should be.
- Are you running most of the business in a single currency (buying/warehousing) and just selling in multiple currencies? Use this currency.
- Is your TradeGecko account connected to your accounting platform (i.e., Xero Accounting)? 99% of the time, you'll want to use the same currency in both systems.
- Which currency do most of your transactions take place in? That's your base currency.
To learn how to select your base currency, click here.