Multi-currency overview

This article gives you an overview of the multi-currency feature in Katana.

Dayvid Lorbiecke avatar
Written by Dayvid Lorbiecke
Updated over a week ago

Multicurrency is available on the Standard and higher plans. You can try it for free for 14 days! Please have a look at our pricing page for more info.

Katana enables you to sell and purchase in multiple currencies while automatically converting all foreign currencies on your orders to your base currency. This enables you to accurately track and analyze your sales, purchases, and margins in your base currency, even if you are doing your business in multiple currencies.
If your Katana account is integrated with accounting software (e.g. Xero or QuickBooks Online), our multi-currency functionality automatically calculates amounts for invoices and bills, so your accounting records are always correct.

In brief, Katana allows you to:

  • Sell and purchase in any currency.

  • Automatically get new currency rates to your Sales and Purchase orders.

  • Exchange rates are updated daily by OpenExchangeRates (Read more).

  • Automatically have the currency rates fixed for sales and purchase orders.

  • Import e-commerce orders in multiple currencies from Shopify and WooCommerce.

  • Create invoices and bills in multiple currencies for Xero and Quickbooks.

  • Set default currency for your customers (Read More).

  • Set purchase prices in foreign currency and default currency for your suppliers.

Important definitions in multi-currency setup

There are different definitions:

  • Base currency - This is the currency your business operates in. All inventory and manufacturing costing is in this currency, and all conversions will be made into this currency (Read More).

  • Customer/ Supplier currency - This is the default currency for your customers or suppliers.

  • Sales order currency - This is the currency you use on your order. By default, the selected customer currency is used - but this can be manually changed on the order if needed (Read More).

  • Purchase order currency - This is the currency you use on your purchase order. By default, the selected supplier currency is used - but this can be manually changed on the order if needed (Read More).

What else should you know about multi-currency in Katana?

  • The multicurrency feature is readily available for Standard plan (and higher) users, and conversions are done automatically. There is no need to set up currencies or assign conversion rates. Just do your business as usual, and Katana will do the currency conversions for you.

  • Once you start using multicurrency, the base currency will be locked, and it's not possible to change it. Read more about base currency here.

  • If your business does not require the use of different currencies, Katana allows you to hide the currency field in Katana. The visibility toggle is found in Settings screen > General.

    • When you receive an order from an external source that is in a foreign currency, this toggle will be turned back on.

  • All your internal documents (Stock adjustments, Stock transfers, Manufacturing orders) and cost calculations for inventory will always use base currency.

  • Limitation for "Update Products and Materials import templates". If you added your first orders in foreign currencies, changed supplier or customer currencies, connected to an accounting platform, or connected to an e-com store in another currency then it's currently not possible to change the default supplier via the update templates for products and materials.

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