Multi-Currency Engine

iShopMaster supports trading and accounting in multiple currencies. Each business has a base (functional) currency, transactions can be recorded in foreign currencies, and amounts convert through a managed exchange-rate engine.

Currency layers

Currency is handled consistently from billing to the ledger.

Base currency: Each business has a functional currency for its financial statements.
Transaction currency: A sale or purchase can be recorded in a foreign currency, with the converted base-currency amount stored alongside.
Account currency: Accounts can be flagged for foreign-currency postings where needed.

Exchange-rate engine

Exchange rates are managed against the base currency and can be entered manually or sourced from a rate provider.

Historical rates: Rates are dated, so transactions use the rate that applied on the transaction date.
Conversion: Each transaction stores the rate applied and the resulting base-currency total for auditability.

Reporting currency

Financial reports are produced in the business’s base currency, with foreign amounts preserved on the underlying entries so currency effects remain traceable.

Frequently Asked Questions

Can I sell in a foreign currency?

Yes. Transactions can be recorded in a foreign currency; the system stores the exchange rate applied and the converted base-currency total.

Are historical exchange rates supported?

Yes. Exchange rates are dated, so each transaction uses the rate valid on its date rather than the current rate.

What currency are reports in?

Financial reports are produced in the business’s base (functional) currency.