The ERP system supports multi-currency transactions through a two-step configuration:

Base Currency Definition:

When you create a project, you must define its base currency (e.g., INR, USD, EUR). This is the default currency used for reporting and financial consolidation.

Transaction-Level Currency Selection:

At the work order level, you can select a different currency for payment purposes. The payment will then be processed in the chosen currency while the system maintains the equivalent value in the base currency for accounting and reporting purposes.

Let’s say your company is executing a project and the chosen base currency is INR. You hire a contractor whose payments are to be billed in Dirhams.

Now, when you create the work order, you will select Dirhams as the transaction currency. The ERP will allow you to enter amounts in Dirhams and maintain an exchange rate to convert it into INR.

The payment will be recorded in Dirhams, while reports and ledgers will reflect the equivalent INR amount based on the exchange rate at the time of posting.