Pandle automates currency conversions using the latest rates, so you can work with multiple currencies when invoicing customers, receiving supplier invoices, and using bank accounts and payment platforms in a different currency to the one you use the most.

Enable the Multiple Currencies feature

Set a customer's default currency

Set a supplier's default currency

Bank accounts that use a different currency

Enable the Multiple Currencies feature

You'll need to turn on the feature before you can start working with multiple currencies in Pandle.

Click the 'Settings' icon in the Pandle navigation bar, and select 'Company Settings'.

Then select the 'Financial Info' tab.

From there, select the check box next to 'Does the business use multiple currencies?' so that a tick mark appears.

Scroll down, and click 'Update Company' to save your changes.

Set a customer's default currency

You can use this feature to set the default currency of individual customers. Pandle will automatically use that currency each time you invoice them, showing the amounts using the latest conversion rates.

Please note: You are only able to select one currency per customer. To use a variety of currencies with one customer, create an additional 'Customer' profile for them, and name them in Pandle accordingly so you can tell which is which. For instance, John Bloggs USD, and John Bloggs GBP.

Select the correct currency when you add your Customer to Pandle.

To edit an existing customer, click 'Customers' in the Pandle navigation menu, and select 'Customers'.

Search for the customer, and under the 'Actions' column, click 'Edit' next to their profile.

In the pop-up window, select the 'Basic Details' tab.

Under 'Currency' select the currency from the dropdown menu, or enter a currency name into the search box.

Scroll down and click 'Next'.

On the following tab, click 'Save Customer' to update your changes.

When you create an invoice for your customer, the currency field and any amounts will use the default that you assigned, and the conversion rate will calculate automatically.

The customer's balance will always show as the default that you set, but to make it easier for you to keep on top of things in your business, the Receivables report will always show the balance owed by the customer in your base currency.

Set a supplier's default currency

You can use this feature to set the default currency of individual suppliers. Pandle will automatically use that currency each time you enter an invoice from them, showing the amounts using the latest conversion rates.

Please note: You are only able to select one currency per supplier. To use a variety of currencies with one supplier, create an additional 'Supplier' profile for them, and name them in Pandle accordingly so you can tell which is which. For instance, John Bloggs USD, and John Bloggs GBP.

Select the correct currency when you add your Supplier to Pandle.

To edit an existing supplier, click 'Suppliers' in the Pandle navigation menu, and select 'Suppliers'.

Search for the supplier, and under the 'Actions' column, click 'Edit' next to their profile.

In the pop-up window, select the 'Basic Details' tab.

Under 'Currency' select the currency from the dropdown menu, or enter a currency name into the search box.

Scroll down and click 'Next'.

On the following tab, click 'Save Supplier' to update your changes.

When you enter an invoice from your supplier, the currency field and any amounts will use the default that you assigned, and the conversion rate will calculate automatically.

The supplier's balance will always show as the default that you set, but to make it easier for you to keep on top of things in your business, the Payables report will always show the balance you owe to the supplier in your base currency.

Bank accounts that use a different currency

You can add bank accounts to Pandle, even if they do not use your base currency. Set the currency when you add a bank account to Pandle.

To edit the currency settings for an existing account, click 'Banking' in the Pandle navigation menu, and select 'Bank Accounts'.

Then search for the account in your banking tab, and under the 'Actions' column, click 'Edit' next to the account profile.

In the pop-up window, click the dropdown menu under 'Currency' and select the currency from the list.

Then click 'Save Bank Account' to update your changes.

All transactions processed through this bank account will now be in the currency you selected.

To help you keep on top of what's happening in your business more easily, any reports you produce in Pandle will show the equivalent amounts in your base currency (which you set in Company Settings).

Receiving and paying money in other currencies

If you receive a payment from a customer into a bank account which uses a different currency, Pandle will automatically calculate the currency difference.

This calculation will show the difference between the value of the invoice in your base currency, compared with the value of the Customer Receipt on the date you receive the money.

This difference will be shown in as a separate category, which shows the gain or loss that happens as a result of the exchange.

A gain or a loss happens when an exchange rate changes between the time an invoice is issued, and when it is paid.

For example, if your business normally uses British Pounds (GBP), and you have a transaction in US Dollars (USD).

When you view your categories table in Pandle, the gain or loss category will not include any transactions which are dated after the end of the time period that you’re looking at.

When you view a date range which does include those transactions, the gain/loss category will show any gains or losses that happened as a result of the currency exchange rate changing between the date the invoice was created, and the date the invoice was paid.

If you receive money from your customer into a bank account which has a different currency (for example, if they pay you in Yen into a GBP bank account) Pandle will calculate the difference based on the rate on that date. However, this will likely be incorrect due to the bank using their own rates and charges for conversion.

In this instance, it is always best to let Pandle know the amount actually received in your bank in its currency.

When processing the customer receipt, select the 'Calculate' icon (shown by the arrow below) and enter the actual amount.

Pandle will apply the appropriate conversion rate to ensure the currency difference is correct.

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