ConnectStock supports multiple currencies, so you can buy and sell in different currencies without converting amounts yourself.
How it works
Your company's main currency is called your base currency. You enter each bill or invoice in the vendor's or customer's currency. ConnectStock converts the cost to your base currency for your inventory.
Example:
Your company currency is USD.
Your European vendor sends you a bill for €100.
The exchange rate is €1 = $1.08.
Your bill shows €100, while ConnectStock records an inventory cost of $108.
Set up multiple currencies
To turn it on:
In the left menu, click Stores & Files.
Open the Inventory Files tab and click your file.
Click General.
Turn on Multi-Currency. The Home Currency field changes to Base Currency.
Select your currency in Base Currency.
Click Save, then click Enable.
When you add a new customer or vendor, select their currency from the dropdown. From then on, bills and invoices use the currency of that customer or vendor.
Once you turn on Multi-Currency and save, you can't turn it off or change your base currency. You also can't change a customer's or vendor's currency after you save it.
If you use QuickBooks or Xero, make sure your base currency matches the home currency in your accounting system.
Create bills and invoices
Bills and invoices work the same way as before. The only difference is that you enter amounts in the customer's or vendor's currency. For example, if a vendor uses euros, enter the item costs, freight and other charges in euros.
How exchange rates work:
ConnectStock fills in the exchange rate based on the document's date.
You can change the rate if you need a different one.
If no rate is available, you must enter it yourself.
Important: changing the date, or picking a customer or vendor with a different currency, resets the rate. This happens even if you typed the rate in yourself. Always check the rate before you save.
Where you see each currency
ConnectStock keeps your purchase and sales documents in their original currencies. It uses your base currency for inventory and accounting.
Where | Currency shown |
Bills and purchase orders | Vendor's currency |
Sales invoices | Customer's currency |
Item costs and inventory value | Your base currency |
Inventory, ledger and aging reports | Your base currency |
P&L and dashboard sales | Currency selected in the report |
Uploaded item fees | The currency you pick on the fee. Reports convert it to your base currency when the report runs in your base currency. |
For example, you might buy an item for €10, but your inventory report shows its converted cost in USD.
How it works with QuickBooks and Xero
ConnectStock can export your transactions whether or not your accounting system uses multiple currencies.
If QuickBooks or Xero is set up for multiple currencies, bills and invoices export in their original currency, along with the exchange rate.
If QuickBooks or Xero is not set up for multiple currencies, ConnectStock converts the amounts into your accounting system's home currency before exporting.
Cost of goods sold (COGS) always exports in your base currency.
Important: your ConnectStock base currency must match the home currency in QuickBooks or Xero. If they don't match, all exports stop before any accounting documents are created.
Fix an export that fails because of a customer or vendor
QuickBooks doesn't let you change the currency of an existing customer or vendor. For example, a vendor already exists in QuickBooks with USD, but now you need to export a bill in EUR. The export may fail.
To fix this, create a new vendor in ConnectStock with the correct currency and a different name. Make sure the name is unique, including when ConnectStock shortens it to meet QuickBooks' name limits.
Import with Excel
The Excel templates support multiple currencies:
Customers and vendors: use the Currency column to choose their currency.
Bills, purchase orders and invoices: use the Exchange Rate column to set a rate.
You can leave the exchange rate blank. ConnectStock then uses the rate for the document's date. If no rate is available, you need to enter one yourself.
Things to know
Supported currencies: USD, CAD, MXN, GBP, EUR, INR, AUD, JPY, SGD, BRL, SEK, PLN, AED and TRY.
To use a different currency for a customer or vendor, create a new customer or vendor with the correct currency.
Frequently asked questions
Do I need to turn on Multi-Currency if I only use USD?
No. Just pick USD in Home Currency. You only need Multi-Currency if you work with more than 1 currency.
Can I turn off Multi-Currency or change my base currency later?
No. Once you turn it on and save, these settings are permanent.
Will turning on Multi-Currency change my existing transactions?
No. Existing transactions and contacts stay in your base currency. Only new transactions and contacts can use other currencies.
Why is the item cost empty when I add it to a bill or purchase order?
If the vendor uses a different currency, ConnectStock doesn't fill in the item's default cost, because that cost is saved in your base currency. Enter the cost in the vendor's currency.
Why is the exchange rate on my bill different from the purchase order?
Each document uses the exchange rate for its own date. If you created a purchase order on Monday and got the bill on Friday, the rates may be different.
Why did an exported bill change back to "Changed" after I updated the exchange rate?
Updating the exchange rate changes the converted amounts. ConnectStock marks the bill as Changed so the new amounts can be sent to your accounting system.
Need help? Use the chat icon in ConnectBooks.