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Documentation Index

Fetch the complete documentation index at: https://docs.dualentry.com/llms.txt

Use this file to discover all available pages before exploring further.

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How to Configure Multi-Currency

DualEntry’s multi-currency support lets you transact in foreign currencies while maintaining your books in a functional currency. You configure currency settings per entity, choose how exchange rates are sourced, and run period-end revaluation to keep balances current.

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Setting the Functional Currency

You set the functional (base) currency for each company/entity during entity creation in Settings → Currency. The functional currency is the currency your books are denominated in-all reporting for that entity ultimately resolves to this currency. DualEntry uses the functional currency as the basis for all journal entries, account balances, and financial statements produced for that entity. Changing the functional currency after initial setup is a significant operation that requires restating historical balances. Plan your functional currency carefully before creating transactions. If you operate across multiple entities with different functional currencies, DualEntry handles the translation during consolidation using the rate types described below.
Changing an entity’s functional currency after transactions have been recorded triggers a full restatement. Coordinate with your implementation team before making this change.

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Enabling Transactional Currencies

Once your functional currency is set, you enable the additional currencies you transact in. Navigate to Settings → Currency and add each currency to your enabled list. When you create a bill, invoice, or other transaction in a non-functional currency, DualEntry captures both the transaction amount in the foreign currency and the exchange rate used for conversion. You can enable as many transactional currencies as you need. Each enabled currency appears as an option when creating or editing transactions. DualEntry stores both the foreign-currency amount and the functional-currency equivalent on every transaction line, so you always have access to the original amounts alongside the converted figures in reports and account balances.

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FX Rate Sources

DualEntry provides three ways to source exchange rates:
  • Built-in provider - DualEntry pulls rates automatically from a built-in FX rate provider, updated daily. This is the default and requires no configuration beyond enabling it.
  • Manual entry - you enter rates directly for specific currency pairs and dates. Use this when you have negotiated rates or need to override the provider rate for a specific transaction.
  • CSV upload - upload a rate table with date, currency pair, and rate columns. This is useful for importing rates from your treasury system or central bank.

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Rate Types

DualEntry uses three rate types, each serving a different purpose:
  • Spot rate - used for individual transactions at the date they occur.
  • Period-end rate - used for balance sheet revaluation at the closing date of each period.
  • Average rate - used for income statement translation when consolidating entities with different functional currencies.
You configure which rate type applies to each context. The built-in provider supplies daily spot rates; you derive period-end and average rates from these or enter them manually.

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Foreign Currency Revaluation

At period end, you run foreign currency revaluation to restate open foreign-currency balances at the closing rate. Navigate to the revaluation screen, select the period, and run the process. DualEntry creates a revaluation journal entry that posts the unrealized gain or loss to the account you configure (typically an unrealized FX gain/loss account on the income statement). Revaluation applies to open AR, AP, and any other balance sheet accounts denominated in a foreign currency. The journal entry reverses on the first day of the next period, so the next revaluation starts fresh.

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Realized Gains and Losses

When you pay a foreign-currency bill or receive payment on a foreign-currency invoice, DualEntry automatically computes the realized gain or loss. The realized amount is the difference between the rate at which the transaction was originally recorded and the rate at which settlement occurs. DualEntry posts the realized gain or loss to your configured FX gain/loss account. Realized FX amounts appear as separate line items in the journal entry that records the payment, making them easy to identify in the general ledger. You can report on realized gains and losses by account, entity, currency pair, and period using the custom report builder. For details on how multi-currency data appears in reports, see multi-currency reporting. For consolidation of entities with different functional currencies, see multi-entity consolidation.
Last modified on May 28, 2026