Set base currency
By default, Hub operates without any designated currency. No currency symbols are displayed on forms or reports. If your business operates entirely in a single currency, this may be sufficient. You can, however, set a base currency. You must set a base currency if you will designate foreign currencies for:
- Bank accounts
- Cash accounts
- Expense claims
- Journal entries
- Special accounts
Many reports do not include currency designations to reduce clutter, because they are always presented in your base currency.
To set a base currency, go to the Settings tab, then click Base Currency:
Define your base 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 three-letter standard 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 your base currency.
Click Update to activate your base currency.
All existing accounts and subaccounts will automatically be denominated in the base currency. Transaction forms will now display the appropriate symbol for the currency.
Brilliant Industries sets its base currency to the Australian dollar:
A representative transaction shows the result:
Establishing or changing base currency has no impact on numerical values previously entered in Hub. No currency conversions are computed.