Bill a client in their currency and read your books in yours. Finocket supports 16 currencies, converts every total back to your home currency, and locks the rate onto each document so an old invoice never silently changes value.
Open Exchange ratesAdd or update a rateYour home currency
Your home currency is the one your reports are written in: Trial Balance, Profit & Loss, Balance Sheet, dashboard totals. Every foreign-currency document is converted into it at the rate in force on that document's date.
Rates are snapshotted, not looked up
Every invoice takes a copy of the exchange rate at issue-date time and keeps it. Change a rate today and historic invoices stay at their historic rate, which keeps last quarter's figures reproducible.
- Add a new rate for a currency pair, or update an existing one in place.
- Your dashboard warns you when an invoice or payment is missing a rate, rather than converting it at 1:1 or leaving it out silently.
What happens to a total when a rate is missing
A payment in a currency with no rate on file is left out of the home-currency total and counted. The screen says how many and which currencies (for example, “5 payments not included — no exchange rate for AUD or USD”), and the row itself still shows its own amount with its own symbol.
It is not added at face value. Two thousand dollars is not two thousand rupees, and a total that mixes them is not a quantity of anything. A figure that is short by a stated number of rows can be acted on; one that is wrong by an unknown amount cannot. Add the rate and the row joins the total.
This applies everywhere a home-currency total appears: the Cashbook, the Day Book, your dashboard, the cashflow chart, outstanding and ageing, and the reports and exports you hand to an accountant.
What Finocket will not do
- It will not fetch live rates for you. The rates are the ones you enter, so every figure in your books is one you can point to a source for.
- It will not re-rate a document you have already issued. Editing a rate affects documents issued from then on.
- It will not fold foreign-currency amounts into a tax working. Money held in a currency other than your workspace's is left out of the tax plan, with a count and an explanation, rather than being counted as rupees.