Steps to Configure Multiple Currencies in Odoo Accounting 18
If your business deals with international clients, suppliers, or partners, you already know how important it is to manage transactions in different currencies. The good news is that Odoo 18 Accounting makes this super easy with its built-in multi-currency feature.
By enabling multiple currencies in Odoo, you can send invoices, record payments, and track financial reports seamlessly—without manual calculations. Let’s walk through the process step by step.
Step 1: Activate Multi-Currency in Odoo 18
- Go to Accounting > Configuration > Settings.
- Scroll down to the Currencies section.
- Enable the option Multi-Currencies.
- Click Save.
Note: In some versions of Odoo 18, the multi-currency option may already be enabled automatically. If you see the Currencies menu available under configuration without doing Step 1, you can skip it and directly activate the currencies you need here.
Step 2: Add and Configure Currencies
- Navigate to Accounting > Configuration > Currencies.
- From here, you’ll see a list of available currencies (USD, EUR, GBP, etc.).
- Click Activate for the currencies you want to use.
- Set important details such as:
- Currency Symbol (e.g., $, €, ₹)
- Rounding Factor
- Active Status
- Currency Symbol (e.g., $, €, ₹)
Example: If you’re based in India but work with US clients, activate USD alongside INR.
Step 3: Enable Automatic Currency Rates
Manually updating exchange rates daily can be time-consuming. Odoo helps by syncing rates automatically.
- Go to Accounting > Configuration > Settings.
- Under the Currencies section, enable Automatic Currency Rates.
- Select your preferred Service Provider (e.g., European Central Bank).
- Choose how often you want Odoo to update rates (daily, weekly, or monthly).
This ensures your system always reflects accurate exchange rates.
Step 4: Set Company’s Base Currency
Every company in Odoo has a base currency—usually the one used for statutory reporting.
- Navigate to Settings > Companies > Company Details.
- Under the Currency field, set your main reporting currency (e.g., INR for India).
- Save changes.
All accounting reports will be generated in this currency, while foreign transactions will be converted automatically.
Step 5: Configure Journals for Multi-Currency
To handle foreign currency transactions, you need to allow multi-currency in journals.
- Go to Accounting > Configuration > Journals.
- Open the journal you want to update (e.g., Bank, Sales, or Purchase).
- Enable the Allow Multi-Currencies option.
- Save changes.
This ensures invoices, bank statements, and vendor bills can be recorded in foreign currencies.
Step 6: Record Transactions in Multiple Currencies
Now that everything is set up, you can:
- Create Customer Invoices in foreign currencies (e.g., send a USD invoice while your base is INR).
- Register Payments in customer’s currency.
- Post Vendor Bills in supplier’s currency.
Odoo will automatically convert the amounts into your base currency using the latest exchange rate.
Example: If you issue an invoice for $1,000 to a US client, Odoo will show it as ₹83,000 (approx.) in your reports if the exchange rate is ₹83/$1.
Step 7: Generate Multi-Currency Reports
With Odoo 18, you can generate detailed reports like:
- General Ledger with foreign currency details
- Customer & Vendor statements in both base and foreign currency
- Profit & Loss and Balance Sheet in base currency (with conversions applied)
This gives you complete visibility into your international operations.
Final Thoughts
Managing multiple currencies doesn’t have to be complicated. With Odoo 18 Accounting, you can easily configure, automate exchange rates, and track your global transactions without manual work.
Whether you’re an exporter in India, a freelancer working with US/UK clients, or a global eCommerce store, Odoo ensures your accounts stay accurate and compliant.
🚀 Want a custom Odoo setup for your business?
Let’s make it happen with Odiware.
📩 Contact us: sale@odiware.com | 🌐 www.odiware.com
