Brightpearl allows you to use multi-currency for the following:
- Price lists - create foreign currency price lists for your products and services for both buying and selling, giving the ability to display items on your website in another currency
- Sales - quote and invoice customers in a foreign currency
- Purchases - raise purchase orders and post purchase invoices in a foreign currency
- Customers/Suppliers - apply a currency to customer and suppliers
Note: Brightpearl does not currently support foreign currency bank accounts; all figures will be converted into your base currency.
How it works
You can set up as many Currencies as required for use throughout Brightpearl but all financial figures are recorded in your base currency (operating currency) as defined in Setup > Company > Banking and financials. This means you can bill people in another currency but when the transaction is processed the figures are converted into your base currency using an exchange rate before being posted to accounts. In this way all accounting data remains in your base currency for straightforward Balance sheets and Profit & Loss reports. The exchange rates used are stored in Brightpearl and can be automatically updated to real-time figures at a click of a button, or figures can be manually changed within the sale or purchase. Once the invoice has been raised (Sales) or received (POs), the exchange rate cannot be changed.
Once you have added Currencies into Brightpearl you can apply them to customer and supplier records - this is what will determine the currency and symbol used on any quotes/orders or invoices created and the associated documents produced. For the pricing you will need to create a foreign currency price list and also assign that to the customer or supplier.
Adding Currencies
To add a new currency, follow these steps:
- Go to Setup > Localisation > Currencies.
- Click the Add currency button.
- Enter the name, 3 character ISO code, e.g. USD or GBP and then symbol, i.e. $ or £.
- Click Save.
Exchange Rates
Brightpearl has a database of currencies whose exchange rates which will need to be updated manually on a regular basis. Automatic synchronisation pulls current exchange rates from the global currency servers XE or OANDA. Alternatively you can manually update the exchange rate on individual orders. Updated rates will only affect subsequent sales and purchase orders, since each sale/purchase stores it’s own exchange rate.
Follow these steps to automatically synchronise your exchange rates:
- Click Setup > Localisation > Currencies.
- Click the Update Values button.
- Repeat if necessary.
Rates are displayed on sales and purchases in the Products and prices tab, just below the product information, you can type over the rate here. This won't update the exchange rate against the currency, it will only apply for the individual order for which you change it.
Dealing with Exchange Rate Variances
When payment is eventually received or made against a sales or purchase invoice, there will probably be a variance in the exchange rates used at the point of invoice and receipt/payment of the money. This will mean that the actual amount received/paid will be different from that shown on the customer/supplier balance. This variance will be identified when you come to allocate the money against the invoice (payment allocation screen); the difference should be entered in the Adjust column. Brightpearl will allow you to allocate this difference against the Exchange Rate Variance nominal code.
