Custom Currency Exchange Rate Management | Multi-Currency Conversion & Accounting
by TechUltra Solutions Private Limited https://www.techultrasolutions.com/$ 23.27
Custom Currency Exchange Rate Management | Multi-Currency Conversion & Accounting
Custom Currency Exchange Rate Management is a comprehensive solution designed to
simplify multi-currency transactions by allowing businesses to define and manage custom
exchange rates across the Odoo ERP system. It provides greater flexibility and accuracy when
dealing with international currencies, ensuring financial consistency throughout your
business operations.
For organizations engaged in global trade, relying solely on automatically updated exchange
rates may not always align with contractual agreements, banking rates, or company-specific
financial policies. This module enables businesses to apply their own currency exchange
rates, ensuring precise currency conversions and accurate financial reporting.
By eliminating manual calculations and reducing exchange rate errors, the module improves
operational efficiency, enhances accounting accuracy, and provides complete control over
multi-currency transactions. It is an ideal solution for import/export companies,
international trading businesses, multinational organizations, and any company that
regularly operates with multiple currencies.
Custom Currency Exchange Rate Management | Multi-Currency Conversion & Accounting
Product Overview
▶ Watch Module Demo
See how Custom Currency Exchange Rate Management | Multi-Currency Conversion & Accounting works
Features
Define and manage company-specific exchange rates for multiple currencies.
Automatically calculate converted amounts using the selected custom exchange rate.
Apply custom exchange rates to Sales Orders for accurate pricing and quotations.
Calculate purchase amounts using custom currency rates during procurement.
Maintain consistent exchange values across accounting transactions and financial reports.
Works smoothly with Odoo Sales, Purchase, Accounting, Invoicing, and Payment workflows.
Configuration
Support
FAQs
Enable Custom Currency Rate
Go to General Settings and enable Allow New Currency Rate. Once enabled, a New Currency Rate field will be available in Quotations, Sales Orders, Purchase Orders, RFQs, Refunds, Credit Notes, and Debit Notes.
Enter the New Currency Rate
In the New Currency Rate field, enter the required currency exchange rate. This is a mandatory field, and you cannot proceed until a valid currency rate is entered.
View the Converted Currency Amount
After entering the New Currency Rate, the Converted Currency Amount is automatically calculated and displayed below based on the entered exchange rate.
Register Payment with Manual Currency Rate
After confirming the bill, proceed to register the payment. If the exchange rate has changed since the bill was created, enter the updated rate in the Manual Currency Rate field. The system will automatically calculate and display the Currency Amount Difference, which may be either positive or negative based on the updated exchange rate.
Three-Currency Payment Conversion
This feature allows you to convert between three different
currencies within a single transaction. For example, if your company
currency is INR, the invoice currency is USD, and the customer wants
to pay in EUR, you can enter the exchange rates for both USD and
EUR, and the system will automatically calculate the payment amount
in EUR.
The Currency Rate for Selected Currency to Invoice Currency
represents the exchange rate from the payment currency (EUR) to the
invoice currency (USD), while the Currency Rate for Invoice Currency
to Company Currency represents the exchange rate from the invoice
currency (USD) to the company currency (INR). Based on these
exchange rates, the system automatically computes and displays the
Custom Amount in the payment currency (EUR).
Create a Reconciliation Entry
In the Accounting dashboard, create a new reconciliation entry and select the same partner as used in the bill. Enter the same amount as the bill, save the entry, and then click the Reconcile button available on the right-hand side of the page.
Reconcile the Bill
Click the Reconcile button to view the list of available bills. Select the appropriate bill from the list, then click Select to validate and reconcile it.
Exchange Difference Calculation
The Exchange Difference occurs when the currency exchange rate changes between the invoice or bill date and the payment date. For example, if a bill of 600 USD is created when the exchange rate is ₹82/USD, the converted amount is ₹49,200. If the payment is later registered when the exchange rate has changed to ₹85/USD, the converted amount becomes ₹51,000. The system automatically calculates the exchange difference, which in this case is ₹1,800 (₹51,000 − ₹49,200). This difference reflects the impact of the change in the exchange rate between the invoice and payment dates.
View the Exchange Difference
Click View to see the calculated Exchange Difference, as shown below.
Custom Currency Rate in Quotation
The New Currency Rate field is available in the Quotation, as shown in the image below.
View the Converted Currency Amount
After entering the New Currency Rate, the Converted Currency Amount is automatically calculated and displayed below. The conversion is computed internally based on the entered exchange rate.
View the Converted Amount
The amount displayed below is the converted amount based on the entered currency rate. If an exchange rate variation occurs, the Currency Amount Difference is also calculated and displayed automatically.
New Currency Rate in Refund
The New Currency Rate field is also available in Refunds. If the refund date differs from the original invoice date, you can enter the appropriate exchange rate to ensure the refund amount is calculated accurately.
New Currency Rate in Credit Notes
The New Currency Rate field is available in Credit Notes, allowing you to enter the appropriate exchange rate and ensure accurate currency conversion during the credit note process.
- We provide 90 days bug-free support related to our module.
- We provide 5 hours of free configuration support. Additional configuration or customization is billable.
- The support team is available from Monday to Friday 10:00 AM to 07:00 PM (IST).
- To create a ticket, send an email to support@techultra.in.
Yes. Once the feature is enabled, the New Currency Rate field must be completed before the transaction can be processed.
Yes. After entering the exchange rate, the system automatically calculates and displays the converted amount based on the specified rate.
The module automatically calculates the exchange difference whenever the exchange rate changes between the transaction date and the payment date. The difference may be positive or negative.
Yes. The module supports three-currency transactions, allowing the company currency, invoice currency, and payment currency to be different while automatically calculating the correct payment amount.
| Availability |
Odoo Online
Odoo.sh
On Premise
|
| Odoo Apps Dependencies |
•
Inventory (stock)
• Invoicing (account) • Purchase (purchase) • Sales (sale_management) • Discuss (mail) |
| Lines of code | 1140 |
| Technical Name |
tus_custom_currency_rate |
| License | OPL-1 |
| Website | https://www.techultrasolutions.com/ |
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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