Introduction
Empress provides you with a powerful feature, Multi-Currency Invoicing, designed to simplify your global business operations. This feature allows you to create, manage, and print invoices in your customer’s currency, making financial transactions smoother and more straightforward. This guide will guide you through the steps to use this feature effectively.
What is Multi-Currency Invoicing?
Multi-Currency Invoicing in Empress is a feature that allows you to create invoices in different currencies. This is particularly useful for businesses with international clients, as it eliminates the need for manual currency conversion and enhances your customers’ experience.
How to Create a Multi-Currency Invoice
Creating a Multi-Currency Invoice in Empress is a simple two-step process:
- Create a Customer Entry: This involves creating a new customer entry in the system and defining the customer’s currency, which should be different from your company’s currency.
- Create a New Invoice: When you create a new invoice, choose the customer you just created. The system will automatically display an exchange rate widget.
Note: The base grand total and outstanding amounts are always displayed in your company’s currency.
Printing Multi-Currency Invoices
After submitting your multi-currency invoice, Empress allows you to print it in the customer’s currency. Simply click the ‘Print’ option.
Managing Payments in Multi-Currency Invoices
With Empress, payment entries are made in your company’s currency. The system uses the exchange rate set during the invoice submission to calculate the payable amount. When you make a payment, the system will automatically update the outstanding amount. Any differences due to rounding off are adjusted using the Round-Off Account.
Understanding Ledger Entries in Multi-Currency Invoicing
In Empress, ledger entries for multi-currency invoices are created in your company’s currency. The system uses the exchange rate set at the time of invoice submission to record the amounts.
Setting Exchange Rates in Multi-Currency Invoices
When you create a multi-currency invoice, the exchange rate is calculated using the formula:
Company Currency = Customer Currency x Exchange Rate
Setting Customer and Company Currency
For multi-currency invoicing to work, the customer’s currency and your company’s currency must be different.
- Customer Currency: Set when creating a new customer entry.
- Company Currency: Set when initializing a new Empress instance.
Empress’ Multi-Currency Invoicing feature brings a global edge to your business operations. By using it efficiently, you can simplify your financial transactions and cater to your international customers with greater ease.
For further assistance, please refer to our User Guide or reach out to our Support Team.