The use of various currencies is integrated in SimplBooks for nearly all documents. For example, you can enter sales invoices, purchase invoices, receivables and payments in various currencies. SimplBooks retrieves exchange rates against the euro automatically from the website of the European Central Bank. Amounts in documents in currencies other than the euro are automatically converted and entered in the accounts in euros. If you wish, you can change the base currency, which is the euro by default.
- automatic retrieval of exchange rates from the ECB website
- using different currencies in nearly all documents
- automatic calculation of income/expenses according to changes in exchange rates
- changing the base currency
Exchange rates from the ECB
Currencies usually come into play for purchases, but you can also enter sales invoices in a currency other than the base currency (EUR in Estonia). All you have to do is specify in the currency settings which currencies you want to use. SimplBooks retrieves the daily foreign exchange reference rates automatically from the website of the European Central Bank.
Accounting for changes in exchange rates
If you enter sales or purchase invoices in a currency other than the base currency, the system will automatically convert them into the base currency for accounting purposes. In the case of receivables and payments, the system will also automatically generate a profit or loss entry arising from changes in exchange rates.
Mairi Uiboaed, accountant (Kermalen OÜ)
‘I believe SimplBooks to be one of the best offers on the market at the moment in terms of its functions and price. What I appreciate the most is that both my clients and myself, as an accountant, see the same data. In addition, the program allows you to create users with different permissions, if necessary. Everything you need is in a single software solution – salary, warehouse and other types of accounting, not to mention accounting reports. I would also really like to commend their customer support!’