Currencies & entities

Trade in other currencies with live exchange rates, and run several companies in one organisation.

Currencies

Multi-currency is on the Growth plan and above, under Accounting Multi-currency. Your base currency is the Currency you choose when you create the organisation (Sri Lankan rupees unless you pick another). It can't change afterwards. The sample company is always in rupees.

Choose your currencies

Select Choose currencies to switch on the ones you trade in, from about 50. A currency that is in use can't be switched off.

Exchange rates

• Update rates now fetches live mid-market rates.
• In the live system rates also update automatically once a day, the first time an Owner, Admin or Manager opens Entirova.
• You can type a rate by hand. It is marked "Entered by hand" and is used for today.

Revaluation

Select Revalue foreign balances at month end to restate what you hold and what is owed in foreign currency at today's rate. Gains post to 4900 FX gains, losses to 7000 FX losses.

• Foreign bank accounts are restated to the reconciled balance at today's rate.
• Open foreign invoices and bills are restated too, and so are unused credit notes and debit notes in foreign currency (the other way round, since they are money owed back). The difference goes to 1105 Receivables revaluation and 2005 Payables revaluation, which Entirova adds to your chart of accounts the first time. Accounts Receivable and Accounts Payable keep the rates the documents were booked at, so they still agree with your invoices and bills.
• The adjustment for open invoices and bills is undone on the first day of the next month. A payment after that posts its whole gain or loss against the rate the document was booked at, as before.
• Running it again in the same month posts only what has changed since the last run, so you can run it after late payments and it corrects itself.

The page also shows your currency exposure, realised gains and losses, and a converter.

Entities

An entity is one company, with its own legal name, tax number, registration number, tagline and address. The tagline is a short line about the business that a document template can print in its header. The registration number is optional; when set it prints in the company's box on documents as "Reg. no.", and a template can leave it out. Manage them in Settings My apps Entities.

• More than one entity needs the Scale plan.
• Pick the entity you are working in from the switcher in the top bar. With more than one active entity you can also view All entities (consolidated).
• Customers, suppliers and employees belong to one entity.
• An entity can be deactivated and reactivated. It can only be deleted if it has no records at all (no invoices, journals, bank accounts, customers and so on) and isn't your only one. Otherwise Delete on its page is greyed out, with the reason beside it and a count of what it holds.

Intercompany

Money moved between two of your entities posts through 1900 Intercompany balances, so each company's books stay complete and the consolidated view nets them out.