Currencies

You can set up your site's currencies under Settings > Sales and Finance > Currencies.

This article shows how to enable access to the currency settings page, set up the default and base currency, and manage currency rates.

1. Managing access to currency settings

Access to the currency settings page is controlled by permission sets.

Site administrators can grant users access to the currency settings by enabling the Modify sales and finance permission for the relevant permission set. To do this:

1. Go to Settings > Administration > Permission sets
2. Click on Modules and actions for the permission set you want to modify.
   
   
3. Scroll to the Settings section, tick the Modify sales and finance settings, and save the changes.
   
   

Once enabled, users with this permission set can modify the currency settings under Settings > Sales and finances > Currencies.

2. Changing the currency settings

In the currency settings, you can define the base currency and default currency and select which currencies you’d like to use on your site.

2.1. Base currency

Base currency is the currency used site-wide for all entities. You’d typically set the base currency when first setting up your site.

If you need to change the base currency for your site, please keep in mind the following:

• Changing the base currency will automatically trigger the recalculation of all finance documents using that currency. The changes will take about 10 minutes to take effect.
• We highly recommend not editing any finance documents on your Scoro site while the base currency is being changed.

The base currency settings don’t affect the display currency shown on all your documents. 

2.2. Default currency

Default currency is the currency that will be used site-wide when users create quotes, invoices, and other documents on your site. If you’re using multiple currencies, you can set the most widely used one as the default currency.

To set up the default currency:

1. Go to Settings > Sales and finance > Currencies
2. In the Options tab, select the preferred currency from the Default currency dropdown field
3. Save the changes.

If you’re using multiple entities on your Scoro site, you can set up different default currencies for each entity.

Even if you’ve set up a default currency for your site, the currency that’s displayed can be different if:

• a user creates a new document and selects a different currency on it
• a user has set up their display currency preferences
• a client profile has a different currency than the site’s default currency
• a price list has a different currency.

2.3. Currencies for sales and purchase documents

In the Options tab in the currency settings, you can tick the checkbox for all the currencies you wish to use on sales and purchase documents. 

If you use one or more of the less common currencies in your business that aren’t listed as selections in the Options tab, you can also add currencies manually by clicking New rate. You will need to manually update the rates for any currencies you’ve added manually.

3. Individual display currency preferences

You can select your preferred display currency if you want to see a currency other than your site’s default one.

To choose your preferred display currency:

1. Go to Settings > My settings > Preferences
2. In the Display currency dropdown field, select the currency you want to see by default.

For example, if your site’s default currency is EUR, but you’d like to see all the pricing in AUD, you can select AUD as the display currency in your preferences. 

Setting up your own display currency will override the site-wide default currency.

4. Currency rates

The rates in the Currency rates tab are updated automatically every day at 6 p.m. according to the Euro foreign exchange reference rates (ECB).

You can also tick the Use yesterday's rate checkbox in the Options tab, in which case the previous day's currency rates are used until 00:00.  

You can also change an existing currency rate from automatic to manual if needed, but it’s important to know that this change cannot be reverted - be mindful before applying such changes!

To change a rate from automatic to manual:

1. Hover the cursor over the currency you want to change
2. Click Modify
3. Enter the new manual rate.