Currency Settings

Currency Settings

Currency settings allow you to configure the default currency, currency formats, and multi-currency support in EquiBillBook. Proper currency configuration ensures accurate financial reporting and compliance with accounting standards.

What are Currency Settings?

Currency settings include:

• Default Currency: Your primary business currency
• Currency Symbol: Symbol displayed with amounts (₹, $, €, etc.)
• Currency Position: Where symbol appears (before or after amount)
• Decimal Places: Number of decimal places for currency
• Thousand Separator: Character used to separate thousands
• Decimal Separator: Character used for decimal point
• Multi-Currency Support: Enable transactions in multiple currencies

Accessing Currency Settings

To configure currency settings:

1. Navigate to Settings → System Settings → Currency Settings
2. You'll find options for default currency, format, and multi-currency support
3. Configure settings based on your business location and requirements

Default Currency Configuration

Setting your default currency:

• Currency Code: ISO currency code (INR, USD, EUR, GBP, etc.)
• Currency Name: Full currency name (Indian Rupee, US Dollar, etc.)
• Currency Symbol: Symbol (₹, $, €, £, ¥, etc.)
• Exchange Rate: Base exchange rate (usually 1.00 for default currency)

Currency Format Options

Currency Position

• Before Amount: Symbol appears before number (₹1,000.00)
• After Amount: Symbol appears after number (1,000.00 ₹)
• With Space: Space between symbol and amount (₹ 1,000.00)

Decimal Places

• 0 Decimal Places: Whole numbers only (₹1,000)
• 2 Decimal Places: Standard format (₹1,000.00)
• Custom Decimal Places: Set specific number of decimals

Number Separators

• Thousand Separator: Comma (,), Period (.), Space ( ), or None
• Decimal Separator: Period (.) or Comma (,)
• Common Formats:
  • Indian: ₹1,00,000.00 (lakhs format)
  • US: $1,000.00 (standard format)
  • European: 1.000,00 € (comma decimal)

Common Currency Formats

Indian Rupee (INR)

• Symbol: ₹
• Position: Before amount
• Format: ₹1,00,000.00 (lakhs/crores format)
• Decimal: 2 places
• Thousand Separator: Comma

US Dollar (USD)

• Symbol: $
• Position: Before amount
• Format: $1,000.00
• Decimal: 2 places
• Thousand Separator: Comma

Euro (EUR)

• Symbol: €
• Position: After amount (or before)
• Format: 1.000,00 € (European) or €1,000.00
• Decimal: 2 places
• Thousand Separator: Period or Comma

Step-by-Step Configuration

Step 1: Select Default Currency

1. Navigate to Currency Settings
2. Choose your default currency from the dropdown
3. Common currencies:
   • INR - Indian Rupee
   • USD - US Dollar
   • EUR - Euro
   • GBP - British Pound
   • Other currencies as available
4. The currency symbol and name will auto-populate

Step 2: Configure Currency Format

1. Set currency position (before or after amount)
2. Choose number of decimal places (usually 2)
3. Select thousand separator (comma, period, space, or none)
4. Select decimal separator (period or comma)
5. Preview the format to verify it looks correct

Step 3: Configure Multi-Currency (Optional)

1. Enable multi-currency support if you deal with multiple currencies
2. Add additional currencies you need
3. Set exchange rates for each currency
4. Configure auto-update for exchange rates if available

Step 4: Save Settings

Click "Update" or "Save" to apply your currency settings.

Multi-Currency Support

If enabled, multi-currency allows:

• Multiple Currencies: Create invoices and transactions in different currencies
• Exchange Rates: Set and update exchange rates
• Currency Conversion: Convert amounts between currencies
• Currency Reports: Generate reports by currency
• Base Currency: All amounts converted to base currency for reporting

How Currency Settings Affect Your Business

Financial Documents

• All invoices, bills, and financial documents use your currency format
• Consistent currency display across all documents
• Professional appearance matching regional standards
• Compliance with local accounting standards

Reports and Analytics

• All financial reports display in your currency format
• Multi-currency reports show amounts in base currency
• Currency conversion for international transactions
• Accurate financial analysis and comparisons

Data Entry

• Amount fields formatted according to your settings
• Automatic formatting during entry
• Validation based on currency format
• Reduced data entry errors

Best Practices

• Match Regional Standards: Use currency format common in your region
• Consistency: Use same format throughout organization
• Decimal Places: Use 2 decimal places for most currencies
• Symbol Position: Follow regional conventions
• Multi-Currency: Enable only if you deal with multiple currencies
• Exchange Rates: Update exchange rates regularly for accuracy
• Document Settings: Keep a record of your currency configuration

Troubleshooting

Currency symbol not displaying correctly?

• Check if your browser supports the currency symbol
• Verify currency symbol is set correctly
• Clear browser cache and refresh
• Check font support for currency symbols

Amounts displaying in wrong format?

• Verify currency format settings are saved
• Check thousand and decimal separator settings
• Clear cache and regenerate reports
• Verify regional settings match currency format

Cannot change default currency?

• Default currency may be locked after transactions are recorded
• Contact support if you need to change default currency
• Ensure you have proper permissions
• May require data migration for currency change

Multi-currency conversion incorrect?

• Verify exchange rates are up to date
• Check exchange rate calculation method
• Review currency conversion settings
• Ensure base currency is set correctly

Currency Format Examples

Indian Format

• Amount: 100000
• Display: ₹1,00,000.00
• Format: Lakhs/Crores system

US Format

• Amount: 100000
• Display: $100,000.00
• Format: Standard thousands

European Format

• Amount: 100000
• Display: 100.000,00 €
• Format: Period thousand, comma decimal

Important Notes

• Default currency should be set before entering transactions
• Changing default currency after transactions may require data migration
• Currency format affects display but not internal storage
• Multi-currency requires proper exchange rate management
• Always verify currency format before entering financial data
• Export formats may differ from display formats

Additional Resources

For related information, see:

• Financial Reports article
• Multi-Currency Transactions article
• Regional Settings article
• Data Export article

Proper currency configuration ensures accurate financial reporting and professional document presentation. Configure currency settings correctly from the start to maintain consistency and compliance!