Managing currencies and conversions
With your Quaderno account, you can create invoices and credit notes in any currency.
Default and accounting currencies
Your default currency can be managed on the preferences page.
Your accounting currency is the currency in which you declare sales and taxes to the country where your business has a permanent establishment.
The accounting currency is not necessarily your default currency for issuing invoices. If your business is in Europe but you issue invoices in USD to your customers, your accounting currency could be EUR and your default currency could be USD.
If you’re using one of our integrations, invoices are automatically generated in the transaction currency indicated by your payment processor.
If you issue invoices in currencies that differ from your accounting currency, then you’ll see currency conversions. Quaderno applies the European Central Bank exchange rate for the day the invoice is issued.
Real-time exchange rates
Quaderno will use the real-time exchange rate so that all transaction amounts will appear in your accounting currency when you export. This makes it easier for you to calculate taxes owed and declare sales in the currency of the country where your business is registered.
If you’re creating invoices manually, then the exchange rate for the date the invoice is created would apply to the invoice total. Once an invoice has been created, the currency cannot be changed.
Integration-specified exchange rates
In some cases, the payment processor may already indicate an exchange rate. In that case, Quaderno applies the indicated exchange rate.
Late payments and accounting
If your customer pays the invoice at a later date, the exchange rate for the payment amount could differ from the original exchange rate applied on the invoice. If there’s a difference between these, this discrepancy can be accounted for in your accounting records.
When you export your invoices in CSV format, you’ll have all the necessary information in the original transaction currency and your accounting currency.
Can I change my accounting currency?
By default, your accounting currency cannot be changed as it would affect all reports and calculations. If you move your business to another country, please follow the steps for changing your legal entity.
Can I display the exchange rate or another currency on an invoice?
Yes, you can use template variables to display an exchange rate or your accounting currency on an invoice. Read getting started with Quaderno templates for more info.