First: Can I set a different currency for each account?
In Qoyod, currency is set at the organization level, not at the individual account level, so you won’t see an option to select a different currency when adding a new account in the chart of accounts, and all accounts follow the organization’s primary currency.
However, you can take advantage of the multi-currency feature that works at the document level (invoices, receipts, payment/collection vouchers linked to a customer or supplier).
Second: How do I configure currencies in Qoyod?
To set the primary currency for your organization:
- Go to Settings
- Select General Settings
- Set the primary currency for your organization
To add foreign currencies:
- Go to Settings
- Select Foreign Currencies
- Add the currencies you need (for example: US Dollar)
Third: How do I transfer between two bank accounts with different currencies (SAR ↔ USD)?
Since the transfer between two bank accounts doesn’t involve a customer or supplier, we use a manual journal entry with the following steps:
Step 1: Prepare the accounts in the chart of accounts
Make sure you have two separate accounts, for example: Bank-SAR and Bank-USD, and enable the “Can be used for payment and collection” option if you need them later in vouchers.
Step 2: Create the manual journal entry
Go to: Accounting → Manual Journal Entries → Create Entry
Then record the entry as follows:
- Credit side: Bank-SAR (with the SAR amount transferred)
- Debit side: Bank-USD (with the same amount in SAR according to the exchange rate at the time of transfer)
Example: If you transferred 3,750 SAR to 1,000 USD (exchange rate 3.75):
- Debit: Bank-USD ← 3,750 SAR
- Credit: Bank-SAR ← 3,750 SAR
Step 3: If there is a commission or exchange rate difference
Add an additional line in the same entry for a Bank Commission Expense account (for the commission), or for a Currency Variance Gains/Losses account that you previously set in currency settings.
Important Note
Modifying the exchange rate in Qoyod is done when creating invoices and receipts, not directly within a manual journal entry. Therefore, in a manual journal entry, you need to calculate the equivalent SAR amount yourself and enter it manually.
