Foreign currencies

Estimated reading: 4 minutes 53 views

Introduction

In today’s globalized economy, managing transactions in multiple currencies is crucial for businesses operating across borders. Odoo, a leading open-source ERP platform, offers robust support for handling foreign currencies allowing companies to manage international pricing, payments, and accounting with ease. With support for up to 167 global currencies, Odoo provides the tools necessary for seamless multi-currency management.

Getting Started with Multi-Currency in Odoo

Navigate to:

Accounting app → Configuration → Settings → Currencies section

By default, Odoo sets the main currency based on the company’s location. However, this can be changed by selecting a different option from the Currency drop-down menu. Be sure to save any changes made.

Automatic Currency Rate Updates

Odoo can automatically update currency rates using data from designated financial services. To enable this:

Go to Accounting → Configuration → Settings
Under the Currencies section, check the Automatic Currency Rates
Choose a Service Provider (bank) and set the update interval (e.g., daily).
Set the Next Run date to schedule the updates.
To trigger an instant update, click the (refresh icon) next to the Next Run field.

Note: All payment methods must match the currency of the sales journal or company’s currency. If not, a Validation Error will occur.

Managing Currencies in the System

To view, activate, or create currencies:

Navigate to:
Accounting → Configuration → Settings → Currencies

Clicking the Currencies link will display a master list of all 167 available currencies, each with information like:

Currency Name & Symbol
Last Update Date
Current Rate (compared to the company’s main currency)
Active Status (can be toggled on/off)

Tip: It’s advisable to activate only the currencies you plan to use, and to create at least one pricelist per active currency.

Currency Detail and Configuration

Clicking on any currency opens the currency detail form, where you can:

View/edit the currency code and name
Toggle the Active status
Set the Currency Unit and Subunit (e.g., Dollars/Cents)
Under the Rates tab, add or adjust exchange rates:
- Date of rate
- Company
- Unit per [Main Currency] and [Main Currency] per Unit

Example: If the main currency is USD, the columns will show “Unit per USD” and “USD per Unit.”

Setting the Main Company Currency

If a currency is set as the company’s main currency, a blue banner will appear on its detail page indicating:
“This is your company’s currency.”

In this case, the Rates tab is not shown, since all exchange rates are calculated relative to this main currency.

Creating a New Currency

If a needed currency isn’t available, click New (either on the Currencies page or a currency detail form) to create one:

Enter the currency code and name
Set the Currency Unit and Subunit
Toggle the Active switch
Under the Rates tab, click Add a line and configure the exchange rate details

Currency-Specific Pricelists

To price products in specific currencies, Odoo allows you to configure currency-specific pricelists.

To create or edit a pricelist:

Navigate to Sales → Products → Pricelists
Click New or select an existing pricelist
Set the desired Currency

For more information, refer to the Pricelists documentation in Odoo.

Auto-Conversion Based on Main Currency

The public price of products in Odoo is tied to the company’s main currency. When a pricelist in a different currency is applied, Odoo automatically converts the price based on the current exchange rate.

This ensures that product pricing remains accurate and up-to-date across various regions and currencies.

Setting Fixed Product Prices for Specific Currencies

To avoid price fluctuations due to exchange rate changes, fixed prices can be set for products using pricelists:

Steps:

Go to Sales → Products → Products
Open a product or create a new one
Click the Extra Prices smart button
On the Price Rules page, click New
Choose a pricelist, enter the Minimum Quantity, and set the Price
Optionally set a Start Date, End Date, and Company for the rule

With this setup, the defined price will override automatic conversions, giving businesses greater control over pricing strategy.

Conclusion

Odoo’s multi-currency capabilities make it a powerful tool for businesses dealing with international markets. From dynamic exchange rate updates to fixed pricing through customized pricelists, Odoo offers the flexibility and control needed to manage global sales and accounting operations efficiently.

Foreign currencies

Introduction

Getting Started with Multi-Currency in Odoo