Currencies & Exchange Rates
Evrykit supports multi-currency transactions. All reports and financial statements are presented in the base currency.
Base Currency
The base currency is set when your tenant is created (default: KES for Kenyan businesses).
⚠️ The base currency cannot be changed once transactions exist. Set it correctly before entering any data.
Adding a Currency
Go to Settings → Currencies → New.
| Field | Description |
|---|---|
| Currency Code | ISO 4217 code (e.g. USD, EUR, GBP) |
| Name | Display name |
| Symbol | e.g. $, €, £ |
| Exchange Rate | Rate relative to base currency (e.g. 1 USD = 130 KES → enter 130) |
| Is Active | Inactive currencies cannot be selected on new documents |
Updating Exchange Rates
Exchange rates should be updated regularly. Go to Settings → Currencies, click any currency, and update the Exchange Rate field.
💡 Exchange rates are applied at the time of posting. Posted documents retain the rate that was current when they were posted — updating the rate does not affect historical transactions.
Multi-Currency Transactions
When creating a sales order or purchase order, select the customer's/supplier's currency. Evrykit:
- Shows amounts in the foreign currency
- Converts to base currency for GL postings
- Uses the current exchange rate at posting time
Foreign Exchange Gains/Losses
When a payment is received at a different rate than the original invoice, Evrykit records the difference as a foreign exchange gain or loss on the configured FX account.