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Advanced Bank Currency Rates

by ,
Odoo

$ 43.07

v 17.0 Third Party 5
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Odoo Apps Dependencies • Invoicing (account)
• Discuss (mail)
Community Apps Dependencies
Lines of code 2018
Technical Name to_bank_currency_rate
LicenseOPL-1
Websitehttps://viindoo.com/apps/app/17.0/to_bank_currency_rate
Versions 12.0 13.0 14.0 15.0 16.0 17.0
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Availability
Odoo Online
Odoo.sh
On Premise
Odoo Apps Dependencies • Invoicing (account)
• Discuss (mail)
Community Apps Dependencies
Lines of code 2018
Technical Name to_bank_currency_rate
LicenseOPL-1
Websitehttps://viindoo.com/apps/app/17.0/to_bank_currency_rate
Versions 12.0 13.0 14.0 15.0 16.0 17.0

Demo video: Bank Currency Rates

The problem

By default, Odoo's currency conversion doesn't consider the banking factor. Users are forced to implicitly define a bank when entering exchange rates. However, this causes inconvenience when businesses transact in foreign currencies with different exchange rates at various banks. Foreign currency buying and selling activities also use different buying and selling rates at the same bank.

Key Features

This module provides the following features:

  1. The system allows users to enter bank data with more detailed and specific information, such as:
    • Bank
    • Exchange Rate Type: Buy, Sell, or Transfer
    • Set Main Bank
  2. In Purchase, Sales, and Payment transactions, the system will determine the exchange rate based on the transaction date, exchange rate type, and transaction bank.

Benefits

  1. Ensures compliance with regulations regarding exchange rates and foreign currency accounting.
  2. Ensures that accounting data is accurately recorded.
  3. Reduces the time and effort required to manually track and update exchange rates.
  4. Accurate exchange rate information helps make sound business and financial decisions.

Target Users

  1. Odoo Developers
    • Who want to build modules with features related to foreign currency transactions.
  2. Businesses with Foreign Currency Transactions
    • Businesses with activities involving multiple foreign currencies, who need to ensure accuracy and consistency in accounting.

Editions Supported

  1. Community Edition
  2. Enterprise Edition

Installation

  1. Navigate to Apps.
  2. Search with keyword to_bank_currency_rate.
  3. Press Install.

Note:

  • To view full features of the to_bank_currency_rate module, you need to install the Viindoo Accounting software.
  • Install the Contacts app to be able to create bank information.

Instructions

Instruction video: Bank Currency Rates

Add currency rate

  • Step 1: Create a bank account information.
Create a new bank in Viindoo
  • Step 2: Enable the multi-currencies feature and Update new currency rates.
Enable multi-currencies Viindoo Update currency rates in Viindoo
  • Step 3: Configure the main bank account used for the currency rate updates in the system.
Configure the main bank account in the Viindoo system

Currency rates application on each operation

  • Customer invoices and vendor bills: Journal entries created from vendor bills are automatically computed in the selling rates, and buying rates are applied to the ones created from customer invoices.
Journal items for vendor bills in selling rates Journal items for vendor bills in selling rates
  • Payment for vendor bills in foreign currencies: Accounting entries are recorded at the selling rate of the paying bank.
Vendor bill paid in foreign currency Journal entries of a vendor bill in foreign currency
  • Customer pays invoices in foreign currencies: Journal entries are recorded at the buying rates of the bank that receives the payment.
Customer paid in foreign currency Journal entries of customer payments in foreign currency 
Odoo Proprietary License v1.0

This software and associated files (the "Software") may only be used (executed,
modified, executed after modifications) if you have purchased a valid license
from the authors, typically via Odoo Apps, or if you have received a written
agreement from the authors of the Software (see the COPYRIGHT file).

You may develop Odoo modules that use the Software as a library (typically
by depending on it, importing it and using its resources), but without copying
any source code or material from the Software. You may distribute those
modules under the license of your choice, provided that this license is
compatible with the terms of the Odoo Proprietary License (For example:
LGPL, MIT, or proprietary licenses similar to this one).

It is forbidden to publish, distribute, sublicense, or sell copies of the Software
or modified copies of the Software.

The above copyright notice and this permission notice must be included in all
copies or substantial portions of the Software.

THE SOFTWARE IS PROVIDED "AS IS", WITHOUT WARRANTY OF ANY KIND, EXPRESS OR
IMPLIED, INCLUDING BUT NOT LIMITED TO THE WARRANTIES OF MERCHANTABILITY,
FITNESS FOR A PARTICULAR PURPOSE AND NONINFRINGEMENT.
IN NO EVENT SHALL THE AUTHORS OR COPYRIGHT HOLDERS BE LIABLE FOR ANY CLAIM,
DAMAGES OR OTHER LIABILITY, WHETHER IN AN ACTION OF CONTRACT, TORT OR OTHERWISE,
ARISING FROM, OUT OF OR IN CONNECTION WITH THE SOFTWARE OR THE USE OR OTHER
DEALINGS IN THE SOFTWARE.

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