diff --git a/content/applications/finance/accounting/bank/setup/foreign_currency.rst b/content/applications/finance/accounting/bank/setup/foreign_currency.rst index 18bb524e6..fd188f141 100644 --- a/content/applications/finance/accounting/bank/setup/foreign_currency.rst +++ b/content/applications/finance/accounting/bank/setup/foreign_currency.rst @@ -1,117 +1,117 @@ -=================================== -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. \ No newline at end of file diff --git a/content/applications/finance/accounting/bank/setup/foreign_currency/foreign-adjustment.png b/content/applications/finance/accounting/bank/setup/foreign_currency/foreign-adjustment.png new file mode 100644 index 000000000..532884ed2 Binary files /dev/null and b/content/applications/finance/accounting/bank/setup/foreign_currency/foreign-adjustment.png differ diff --git a/content/applications/finance/accounting/bank/setup/foreign_currency/foreign-bill-currency.png b/content/applications/finance/accounting/bank/setup/foreign_currency/foreign-bill-currency.png new file mode 100644 index 000000000..ab8b94760 Binary files /dev/null and b/content/applications/finance/accounting/bank/setup/foreign_currency/foreign-bill-currency.png differ diff --git a/content/applications/finance/accounting/bank/setup/foreign_currency/foreign-exchange-rates.png b/content/applications/finance/accounting/bank/setup/foreign_currency/foreign-exchange-rates.png new file mode 100644 index 000000000..fb3889ddc Binary files /dev/null and b/content/applications/finance/accounting/bank/setup/foreign_currency/foreign-exchange-rates.png differ diff --git a/content/applications/finance/accounting/bank/setup/foreign_currency/foreign-gains-losses.png b/content/applications/finance/accounting/bank/setup/foreign_currency/foreign-gains-losses.png new file mode 100644 index 000000000..098dc3b3e Binary files /dev/null and b/content/applications/finance/accounting/bank/setup/foreign_currency/foreign-gains-losses.png differ diff --git a/content/applications/finance/accounting/bank/setup/foreign_currency/foreign-journal.png b/content/applications/finance/accounting/bank/setup/foreign_currency/foreign-journal.png new file mode 100644 index 000000000..677cbb7a0 Binary files /dev/null and b/content/applications/finance/accounting/bank/setup/foreign_currency/foreign-journal.png differ diff --git a/content/applications/finance/accounting/bank/setup/foreign_currency/foreign-reset-rates.png b/content/applications/finance/accounting/bank/setup/foreign_currency/foreign-reset-rates.png new file mode 100644 index 000000000..93c666e06 Binary files /dev/null and b/content/applications/finance/accounting/bank/setup/foreign_currency/foreign-reset-rates.png differ diff --git a/content/applications/finance/accounting/bank/setup/foreign_currency/foreign01.png b/content/applications/finance/accounting/bank/setup/foreign_currency/foreign01.png deleted file mode 100644 index 213774870..000000000 Binary files a/content/applications/finance/accounting/bank/setup/foreign_currency/foreign01.png and /dev/null differ diff --git a/content/applications/finance/accounting/bank/setup/foreign_currency/foreign02.png b/content/applications/finance/accounting/bank/setup/foreign_currency/foreign02.png deleted file mode 100644 index 2ed5decd9..000000000 Binary files a/content/applications/finance/accounting/bank/setup/foreign_currency/foreign02.png and /dev/null differ diff --git a/content/applications/finance/accounting/bank/setup/foreign_currency/foreign03.png b/content/applications/finance/accounting/bank/setup/foreign_currency/foreign03.png deleted file mode 100644 index 370f27035..000000000 Binary files a/content/applications/finance/accounting/bank/setup/foreign_currency/foreign03.png and /dev/null differ diff --git a/content/applications/finance/accounting/bank/setup/foreign_currency/foreign04.png b/content/applications/finance/accounting/bank/setup/foreign_currency/foreign04.png deleted file mode 100644 index 4c958f308..000000000 Binary files a/content/applications/finance/accounting/bank/setup/foreign_currency/foreign04.png and /dev/null differ diff --git a/content/applications/finance/accounting/bank/setup/foreign_currency/foreign05.png b/content/applications/finance/accounting/bank/setup/foreign_currency/foreign05.png deleted file mode 100644 index 5f26f130a..000000000 Binary files a/content/applications/finance/accounting/bank/setup/foreign_currency/foreign05.png and /dev/null differ