The Organisation Files Currency is Set by the Zone
Each organisation file in Saasu has a base currency set by the Zone you have chosen. For example if you chose “United States” zone then the currency of your file is in US Dollars.
Not to be Confused with Multi-Currency Transactions
Having organisation files in Saasu of different currencies is not the same as the ability to enter multi-currency transactions. Multi-currency transactions are where you want to handle foreign exchange (FX) conversion within the transaction. i.e. You enter the foreign currency amount and the local currency amount which enables us to derive the FX rate (or you enter one currency and and FX rate to derive the other currency). We will be adding multi-currency transaction handling in a future release.
Handling Foreign Currency Transactions
Let’s say you have used your credit card to pay for something in a foreign currency. Quite often you won’t know what the local currency amount is that you have paid until you receive your bank statement or credit card statement. One way you can handle this in Saasu is:
- enter the foreign currency amount in your purchase. This is temporary so that you have a record of the transaction and can attach the receipt to it. Later you will amend the transaction amount to your local currency that the bank or credit card converted the funds at.
- tick the requires follow-up box and write “amend transaction amount to be the local currency amount from credit card statement”.
- later when you receive or download your statement it will have the local currency amount you need to use when amending the original transaction. You can now use the “requires follow-up” report to quickly find transactions like this that need updating to the local currency amount that you account ended up being charged. Don’t forget to un-check the requires follow-up tick box in the transaction when done.
- Attaching the receipt to the transaction (if not already) and/or include the Foreign Currency amount in the notes field (you can migrate this info to a specific foreign currency field later in Saasu when it becomes available).
