[IMP] accounting: updated foreign currency page

Foreign currency page was V13 only and outdated. Updated for V14.

task - 2904025

closes odoo/documentation#2639

X-original-commit: 0ba09280ad
Signed-off-by: Antoine Vandevenne (anv) <anv@odoo.com>
Signed-off-by: Castillo Jonathan (jcs) <jcs@odoo.com>
This commit is contained in:
Tom Aarab (toaa) 2022-07-05 11:10:49 +00:00
parent 28b25b876e
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===================================
Manage a bank in a foreign currency
===================================
===========================================
Manage a bank account in a foreign currency
===========================================
In Odoo, every transaction is recorded in the default currency of the
company. Reports are all based on the currency of the company. But for
transactions occurring in another currency, Odoo stores both the value
in the currency of the company and the value in the currency of the
transaction.
When you have a bank account in a foreign currencies, for every
In Odoo, every transaction is recorded in the default currency of the company, and reports are all
based on that default currency. When you have a bank account in a foreign currency, for every
transaction, Odoo stores two values:
- The debit/credit in the currency of the company
- The debit/credit in the currency of the *company*;
- The debit/credit in the currency of the *bank account*.
- The debit/credit in the currency of the bank account
Currency rates are updated automatically using yahoo.com, or the
European Central bank web-services.
Currency rates are updated automatically using the web services of a banking institution. By
default, Odoo uses the European Central Bank's web services but other options are available.
Configuration
=============
Activate the multi-currency feature
-----------------------------------
Activate multi-currencies
-------------------------
In order to allow your company to work with multiple currencies, you
should activate the multi-currency mode. In the accounting application,
go into :menuselection:`Configuration --> Settings --> Accounting & Finance Features`
make sure the **Allow Multi-currencies** box is ticked. Provide
a **Currency Exchange Gain / Loss** account, then click on **Apply**.
To work with multiple currencies, go to :menuselection:`Accounting --> Configuration --> Settings
--> Currencies` and tick :guilabel:`Multi-Currencies`. Under :guilabel:`Post Exchange difference
entries in:`, provide a :guilabel:`Journal`, a :guilabel:`Gain Account`, a :guilabel:`Loss Account`,
and then click on :guilabel:`Save`.
Configure currencies
--------------------
Once the Odoo is configured to support multiple currencies, you should
activate the currencies you plan to work with. To do that, go to the menu
:menuselection:`Configuration --> Currencies`. All the currencies are created by default,
but you should activate the ones you plan to support (to activate a
currency, check its "Active" field).
Once Odoo is configured to support multiple currencies, they are all created by default, but not
necessarily active. To activate the new currencies, click on :guilabel:`Activate Other Currencies`
under the :guilabel:`Multi-Currencies` setting or go to :menuselection:`Accounting --> Configuration
--> Accounting: Currencies`.
After having activated the currencies, you can configure the parameters
to automate the currency rate update. These options are also in the
settings of the Accounting application, in the bottom of the page:
When the currencies are activated, you can choose to **automate** the currency rate update, or leave
it on **manual**. To configure the rate update, go back to :menuselection:`Accounting -->
Configuration --> Settings --> Currencies`, check :guilabel:`Automatic Currency Rates`, set
:guilabel:`Interval` to your desired frequency, and then click on :guilabel:`Save`. You also have
the option to choose the :guilabel:`Service` you wish to obtain currency rates from.
.. image:: foreign_currency/foreign01.png
:align: center
Click on the **Update Now** link to update the currency rates now.
Click on the Update now button (:guilabel:`🗘`) besides the :guilabel:`Next Run` field to update
the currency rates manually.
Create a new bank account
-------------------------
In the accounting application, we first go to :menuselection:`Configuration -->
Accounting / Bank account`, and we create a new one.
In the accounting application, go to :menuselection:`Accounting --> Configuration --> Journals` and
create a new one. Enter a :guilabel:`Journal Name` and set the :guilabel:`Type` to `Bank`. In the
:guilabel:`Journal Entries` tab, enter a **short code**, a **currency**, and then finally click on
the :guilabel:`Bank Account` field to create a new account. In the pop-up window of the account
creation, enter a name, a code (ex.: 550007), set its type to `Bank and Cash`, set a currency type,
and save. When you are back on the **journal**, click on the :guilabel:`Account Number` field, and
in the pop-up window, fill out the :guilabel:`Account Number`, :guilabel:`Bank` of your account, and
save.
.. image:: foreign_currency/foreign02.png
.. image:: foreign_currency/foreign-journal.png
:align: center
:alt: Example of a created bank journal.
Once you save this bank account, Odoo will create all the documents for
you:
Upon creation of the journal, Odoo automatically links the bank account to the journal. It can be
found under :menuselection:`Accounting --> Configuration --> Accounting: Chart of Accounts`.
- An account in the trial balance
Vendor bill in a foreign currency
=================================
- A journal in your dashboard
To pay a bill in a foreign currency, simply select the currency next to the :guilabel:`Journal`
field and register the payment. Odoo automatically creates and posts the foreign **exchange gain or
loss** as a new journal entry.
- Information about the bank account in the footer of your invoices if
checked the box **Show in Invoices Footer**
Example: A vendor bill in a foreign currency
============================================
Based on the above example, let's assume we receive the following bill
from a supplier in China.
In the :menuselection:`Purchase --> Vendor Bills` , this is what you could see:
.. image:: foreign_currency/foreign03.png
.. image:: foreign_currency/foreign-bill-currency.png
:align: center
:alt: How to set a bill currency.
Once you are ready to pay this bill, click on register payment on the
bill to record a payment.
.. note::
Note that you can pay a foreign bill with another currency. In that case, Odoo automatically
converts between the two currencies.
.. image:: foreign_currency/foreign04.png
Unrealized Currency Gains/Losses Report
=======================================
This report gives an overview of all unrealized amounts in a foreign currency on your balance sheet,
and allows you to adjust an entry or manually set an exchange rate. To access this report, go to
:menuselection:`Reporting --> Management: Unrealized Currency Gains/Losses`. From here, you have
access to all open entries in your **balance sheet**.
.. image:: foreign_currency/foreign-gains-losses.png
:align: center
:alt: View of the Unrealized Gains/Losses journal.
That's all you have to do. Odoo will automatically post the foreign
exchange gain or loss at the reconciliation of the payment with the
invoice, depending if the currency rate increased or decreased between
the invoice and the payment date.
If you wish to use a different currency rate than the one set in :menuselection:`Accounting -->
Configuration --> Settings --> Currencies`, click the :guilabel:`Exchange Rates` button and change
the rate of the foreign currencies in the report.
Note that you can pay a foreign bill with another currency. In such a
case, Odoo will automatically convert between the two currencies.
Customers Statements
====================
Customers and vendor statements are managed in the currency of the
invoice. So, the amount due by your customer (to your vendor) is always
expressed in the currency of the invoice.
If you have several invoices with different currencies for the same
customer, Odoo will split the customer statement by currency, as shown
in the report below.
.. image:: foreign_currency/foreign05.png
.. image:: foreign_currency/foreign-exchange-rates.png
:align: center
:alt: Menu to manually change exchange rates.
In the above report, the account receivable associated to Camptocamp is
not managed in a secondary currency, which means that it keeps every
transaction in its own currency. If you prefer, you can set the account
receivable for this customer in a secondary currency and all its debts
will automatically be converted to this currency.
When manually changing **exchange rates**, a yellow banner appears allowing you to reset back to
Odoo's rate. To do so, simply click on :guilabel:`Reset to Odoo's Rate`.
In such a case, the customer statement always has only one currency. In
general, this is not what the customer expect as he prefers to see the
amounts in the currency of the invoices he received;
.. image:: foreign_currency/foreign-reset-rates.png
:align: center
:alt: Banner to reset back to Odoo's rates.
In order to update your **balance sheet** with the amount of the :guilabel:`adjustment` column,
click on the :guilabel:`Adjustment Entry` button. In the pop-up window, select a
:guilabel:`Journal`, :guilabel:`Expense Account` and :guilabel:`Income Account` to calculate and
process the **unrealized gains and losses**.
You can set the date of the report in the :guilabel:`Date` field. Odoo automatically reverses the
booking entry to the date set in :guilabel:`Reversal Date`.
Once posted, the :guilabel:`adjustment` column should indicate `0.00`, meaning all **unrealized
gains/losses** have been adjusted.
.. image:: foreign_currency/foreign-adjustment.png
:align: center
:alt: Unrealized Currency Gains/Losses report once adjusted.

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