When setting up your company, you will need to specify the main currency of your account – this is the currency in which analytics and reports will be displayed. If you have an international business and work with different currencies, you can display this in the service by creating separate accounts for each currency. Similar to a bank – each account has its individual currency.
To create an account in the preferred currency, click the “Add” button on the left-hand account panel, select “Create Account,” specify its name, choose the required currency, and specify the starting balance, if necessary. Alternatively, use the Settings menu, select the “Accounts” section, and click “Add Account.”
Now let’s see how Finmap will display reports in one currency if we have accounts in different currencies, and how the service displays currency exchange.
If you enter an income or expense in a currency that differs from the Finmap company’s, the service will display the exchange rate for the currency. You can also modify this value and specify your exchange rate.
When initiating a transfer between various currencies, select the accounts from which and to which you intend it and enter the amount. Finmap will then present you with the amounts in both currencies, as the exchange rate. You may also modify any of these values.
Another way to display transfers on Finmap is by creating an income of 550 euros in the Euro Account, then adding a 500 dollar expense from the dollar bank account. You can combine these two operations into a transfer, and upon viewing the transfer data, the system will automatically input the amounts and exchange rate.
On the left-hand side of the screen, you will find a section containing balances of accounts in the format of “Total on accounts,” “My accounts,” “Future payments,” and “Total on accounts with future payments.” Balances are always listed based on the exchange rate of your national bank “on today’s date.” Finmap allows you to add your fixed exchange rate.
Finmap enables you to add your own fixed exchange rate. Add your own rate, and the next time you add an operation to Finmap, it will automatically fill in your fixed rate.
If a currency you need is absent from the currency list, contact us through the support chat within the service, and our technical specialists will add it promptly.