Define foreign currencies
Hub allows you to define foreign currencies. These can include national currencies, cryptocurrencies, or customized forms of exchange. (All are referred to as foreign currencies within the program and treated similarly. The terminology is used for all currencies that are not the base currency.) Once a base currency and at least one foreign currency are defined, you can designate currencies for:
- Bank accounts
- Cash accounts
- Expense claims
- Journal entries
- Special accounts
To define a foreign currency, go to the Settings tab, then click Foreign Currencies:
Define the foreign currency:
Codewill be used to abbreviate the currency in various fields throughout the program where multiple currencies may be available. Normally, this will be a standard, three-letter code.
Nameis the full name of the currency.
Symbolis the designator for the currency that will appear on completed transactions when viewed.
Decimal placesis prefilled as 2 by default. If your base currency uses more or fewer decimal places, change the number here.
Do not use the
Decimal places field to control rounding preferences. Use it only to define characteristics of the foreign currency itself.
Click Update to activate the foreign currency.
For all transactions where the context makes it appropriate, the option will now exist to choose the currency. Transaction forms using it will now display the appropriate symbol for the foreign currency.
Brilliant Industries sets its base currency to the Australian dollar. But it also defines the Euro:
A representative transaction shows the result:
Establishing or changing a foreign currency has no impact on numerical values previously entered in Hub. No currency conversions are computed.