Currencies, rates, and multi-currency accounting in Bimp

What currencies and rates are in Bimp

The “Currencies/Rates” directory contains the list of currencies the company works with and their rates on different dates. By default it already has cards for UAH, USD, and EUR. The national currency and the accounting currency are set in the accounting settings.

Rates are needed so that Bimp itself converts amounts from a currency into hryvnia, shows profit in a single currency (even if the purchase was in euros and the sale in dollars), and calculates exchange differences.

Which rates there are

Bimp has two rates that you can set yourself and two external sources for auto-load.

Rate	What it is for
Internal	The basis of management reporting. The company sets it at its own discretion, usually for a year for the budget. Used to convert all multi-currency operations into a single currency and to calculate exchange differences
Commercial	The rate at which you plan to receive payment. Used in customer invoices to convert a foreign currency into the national one or into the document currency by cross rate
NBU	An external source; loaded automatically once a day, not edited manually
Interbank	An external source; loaded automatically every 15 minutes, not edited manually

Only the internal and commercial rates can be changed manually. The NBU and interbank sources are chosen in the auto-load fields of the currency card.

How to add a currency

1. Open Directories → Currencies/Rates and click Create.
2. In the “Currency” field, choose a currency from the list.
3. In the fields “Auto-load of commercial rate” and “Auto-load of internal rate”, choose the source (for example, “Interbank” and “NBU”) or “No updates”.
4. The fields “Numeric code” and “Symbolic code” are filled in automatically and cannot be edited.
5. In the rates table, specify “Date” (from which the rate applies), “Internal rate”, and “Commercial rate”.
6. Click Create.

Rates can also be edited for the currencies created by default (USD, EUR).

How to update a rate manually

A rate is updated manually on the “Exchange rates” tab of the currency card.

1. Open the currency card in Directories → Currencies/Rates and go to the “Exchange rates” tab.
2. Click Create.
3. Specify the date, the internal rate, and the commercial rate.
4. Save the card.

The new rate applies to future operations. Documents already posted for past periods do not change, so as not to break the financial balance.

How to fix a rate and remove the exchange difference

An exchange difference appears in documents when the document currency differs from the accounting currency (for example, accounting in UAH and an order in USD) and the rate on the order date and on the payment date is different: Bimp shows the value from the directory that is current at that moment. To keep the rate from changing, fix it.

1. Open Directories → Currencies/Rates and choose the currency, for example USD.

2. On the “Properties” tab, in both auto-load fields (commercial and internal rate), choose “No updates”.

   

3. Go to the “Exchange rates” tab and click Create.

4. Specify “Internal rate” and “Commercial rate” relative to the accounting currency (UAH).

5. Set the date or period of validity of the rate; companies usually set it for a long term, for example a year.

6. Click Save.

If the exchange difference still appears, check the accounting currency in Company settings → Accounting settings and the rates in the directory.

Common questions

Prices in a price list in a foreign currency. In a customer order, the “Price list rate” field is needed only if the price list currency differs from the accounting currency. See Price lists and Customer order.

A separate rate is needed for a specific customer. Set it in the contract; see Individual exchange rate in a contract.