Working with multiple currencies

Article • 4/10/2026 • 2 min read

Using Made2Manage, you can keep track of business transactions with customers or vendors who use foreign currency. You can easily maintain current exchange rates and view prices and costs in your currency (the functional currency) or your customer Someone who agrees to buy goods from you.’s or vendor (Also called supplier) A business from which you purchase goods or services.’s currency (the transaction currency). For each currency, Made2Manage posts to a gain/loss *account (Also called general ledger account) 1. An accounting record that classifies and summarizes the increases and decreases of each asset, liability, and shareholder equity item. 2. The means for tracking users and keeping their actions separate in Made2Manage. A user logs into an account using his or her user name and password., the gains and losses that result from exchange rate changes.

You can also keep track of transactions with customers and vendors whose countries belong to the Economic and Monetary Union (EMU).

Made2Manage is set up for the current vs. non-current foreign currency translation method. This method translates current assets and current liabilities at the rate in effect on the balance sheet A statement (Also called bill) A document showing a customer’s credits, debits, and balance for a given period of time. of assets, liabilities, and shareholder equity (Also called net worth) The amount of money the owners have invested in the company plus the retained earnings (total of all after-tax profits the company has ever earned). One of six permanent general ledger account categories. date. It translates non-current items at historical rates.

You can also use the monetary vs. non-monetary translation method with Made2Manage. This method applies the current rate to monetary assets and liabilities and historical rates to non-monetary items.

Quotations, sales orders, requests for quotation, purchase orders, invoices, several reports, and other functions in Made2Manage accommodate transactions in foreign currencies.