Setting up your currencies is an integral part of your set up process with TradeGecko as it affects almost every part of your interaction with the app. During your account set up, TradeGecko will detect your location and automatically add the local currency. For example, if you are in Singapore, you will see SGD as a currency created upon account setup.
Clicking 'Confirm This Currency' will confirm that Singapore Dollars (SGD) is the base currency of your account and cannot be changed at a later date, once you have created a second currency.
Which currency should I choose as my base currency?
Fundamentally, your base currency should be the currency you use for your accounting. For this reason, most American companies would choose the US Dollar (USD) as their base currency. Similarly, Singaporean companies would pick the Singapore Dollar (SGD).
TradeGecko allows you to conduct Sales and Purchases in multiple currencies. However, at the end of the day, all transactions are converted to their 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
First, is your TradeGecko account connected to your accounting platform (i.e. Xero Accounting)? Your base currency should be the same in both systems.
If you are not integrating with any accounting software, consider the following:
- Are you running most of the business in a single currency (buying/warehousing) and just selling in multiple currencies? Use this currency.
2. Which currency do most of your transactions take place in? This could be your base currency.
If you still have doubts, contact us and we'll be happy to help you out!
You will be directed to the currencies page. Your default currency is automatically shown, as well as any additional currencies that you may have created.
How to change my base currency to a different one from my location detected currency?
Go to Settings> Currencies and click on the currency indicated as Default. You have to edit the currency to your preferred base currency. E.g. Australian Dollar (AUD).
Once created, the base currency cannot be changed. The base currency of my account is now Australian Dollars. To add Singapore Dollars as another Currency, click here for more instructions.