How do I invoice or pay in a foreign currency in Kontuly?
In Kontuly, choose the Currency next to the dates on an invoice, quote, bill or credit note. Everything on the document is in that currency, and Kontuly records it in your books in Australian dollars at the exchange rate for its date, fetched automatically from the Reserve Bank of Australia.
Start using a currency
- Open Settings and find Currencies.
- Type the Currency code, for example
USD. - Leave the rate blank and click Add rate. Its published rates are fetched now. Or type a rate and date to enter your own.
Where do the rates come from?
Kontuly fetches rates when it starts and every six hours, for the currencies you use: from the Reserve Bank of Australia's daily table (the rates the ATO points to), and from Frankfurter for currencies the Reserve Bank doesn't publish. Only currency codes and dates are sent; nothing about your business. Change this under Update rates automatically, or click Update now.
A rate you type is marked Typed and never replaced by an automatic one for the same date. Each document uses the latest rate on or before its date, unless you type a rate on the document itself.
Getting paid
Record the payment in the document's currency. The payment window also asks for the Exchange rate on the day (blank uses the rate on file), and the Amount received in your own currency when the money reached an Australian dollar account.
The difference between the invoice's rate and the payment's rate is a realised exchange gain or loss, posted automatically to Foreign exchange gains and losses (a gain shows as a negative expense). Bills work the same with Amount paid.
GST on foreign invoices
A tax invoice in a foreign currency shows the GST and total in Australian dollars, with the rate used. Your GST Report and other reports are always in Australian dollars, at the booked value.
Recurring documents and contracts
They take the rate on file for each new document's date. If no rate is on file when one is due, it isn't made until one is.
See also a bank account in another currency and currency revaluation.
Related questions
- How do I hold a bank account in another currency in Kontuly?Create a bank account with its own currency in Kontuly's Chart of Accounts, import its statements in that currency, and record transfers to AUD.
- How do I post a currency revaluation at year end in Kontuly?Post an unrealised foreign exchange gain or loss at a period end in Kontuly's Currencies settings. It reverses the next day and can be undone.
- How do I export a report to PDF or CSV in Kontuly?Every Kontuly report has Export PDF and CSV buttons. The file matches the period and options on screen and opens in Excel, Numbers or Google Sheets.
More about accounts and reports
- How does the chart of accounts work in Kontuly?Kontuly's chart of accounts sorts every dollar into accounts by type and report group. What a new business starts with and how it shapes your reports.
- How do I add, edit or archive an account in Kontuly?Add a new account in Kontuly's Chart of Accounts, change its code, name or GST code, or archive one you don't use. What can't change once it's used.
- How do I post a manual journal in Kontuly?Post a manual journal in Kontuly for adjustments with no invoice or bank line, such as accruals, depreciation or corrections. Debits must equal credits.
- How do I void or reverse a journal in Kontuly?Void a manual journal in Kontuly to post a reversing entry on the same date. Which journals must be corrected elsewhere, and what blocks a void.
- How do I lock a period after lodging a BAS in Kontuly?Set the lock date in Kontuly's Settings so nothing dated on or before it can be posted, changed or voided, protecting a lodged BAS or a finished year.