How to Manage Amounts in Local Currency in Odoo 18 Purchase | Odoo 18 Purchase| Odoo 18 New Features
5Odoo 18 allows you to manage purchase orders and invoices in your local currency. This means that you can enter and track purchase information using the most relevant currency to your business operations. Here's a breakdown of how amounts are handled in local currency:
1. Currency Setup:
Company Currency: In the Company Settings, you define your company's primary currency, which is the currency in which the company's general ledger is maintained.
Purchase Currency: When creating a purchase order or invoice, select a different currency from the "Currency" field. This is the currency in which the transaction will be recorded.
2. Exchange Rate:
Automatic Exchange Rate: Odoo can automatically fetch exchange rates from online sources. You can configure the preferred source and update frequency in the General Settings.
Manual Exchange Rate: Alternatively, you can manually enter the exchange rate at the time of creating the purchase order or invoice.
3. Amount Conversion:
Purchase Order: When you enter quantities and prices in the purchase currency, Odoo automatically converts the amounts to the company currency based on the exchange rate. This allows you to track the total cost of the purchase in your company's primary currency.
Purchase Invoice: Upon receiving the goods and creating the purchase invoice, Odoo again converts the amounts from the purchase currency to the company currency using the exchange rate at the time of invoice creation.
4. Reporting and Analysis:
Multi-Currency Reports: Odoo provides reports that can be filtered by currency. This allows you to analyze your purchases based on the currency used in each transaction.
Currency Gains and Losses: The system can track currency gains or losses that arise from exchange rate fluctuations. This helps you understand the impact of currency changes on your business's profitability.
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