Note: Multicurrency is available on Standard and higher plans. Try it free for 14 days! Take a look at our pricing page for more info.
Katana’s multi-currency feature allows businesses to manage transactions in different currencies, supporting global operations and ensuring accurate financial records. This feature includes automatic currency conversion and updates, providing flexibility in handling sales, purchases, and inventory management across various international markets.
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 an accounting software (e.g. Xero or QuickBooks Online), our multi-currency functionality automatically calculates amounts for invoices and bills, so accounting records are always correct.
Multi-currency allows you to:
Exchange rates are updated daily by OpenExchangeRates (read more).
Automatically have 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 currency terms for setup
There are different currencies:
Base currency - The currency your business operates in. All inventory and manufacturing costing are in this currency, and all other currencies will be converted to this one (read more).
Customer/ Supplier currency - The default currency for customers or suppliers.
Sales order currency - The currency used on an order. By default, the selected customer currency is used, but this can be manually updated (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).
Additional information about multi-currency
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.
Once you start using multi-currency, the base currency will be locked, and it's impossible to change it. Read more about base currency.
If your business doesn't require different currencies, you can hide the currency field in Katana. The visibility toggle is found in Settings screen > General.
If you receive an order from an external source that is in a foreign currency, this toggle turns back on.
All internal documents (stock adjustments, stock transfers, manufacturing orders) and cost calculations for inventory will use base currency.
Limitation for "Update Products and Materials import templates". If you added your first orders in a foreign currency, 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.
Your feedback is invaluable. Let us know your thoughts on this article or anything in Katana you'd like to see improved: [email protected]