Each customer in Avaza has a currency, and their estimates, invoices, credit notes and payments are in that currency. When a report shows these amounts in your account currency, Avaza converts each transaction with the exchange rate saved on that transaction. It doesn't use today's rate.

Your account currency is the Default Currency under Settings › General. See how multiple currencies work to set up customer currencies.

Where each exchange rate comes from

New estimates, invoices and credit notes use the currency in the customer's Currency field, and a payment uses its invoice's currency. You can't change the currency on the transaction itself. When it's different from your account currency, the form shows the rate next to the currency, for example 1 USD = 1.5 AUD, with an Edit Rate link.

  • Estimates, invoices and credit notes: Avaza fills in the Market Rate from OpenExchangeRates.org. If the issue date is today or later, it uses the latest rate. If the issue date is in the past, it uses the rate for that day. Change the date and the market rate is looked up again.
  • Your own rate: click Edit Rate. In Exchange Rate for (date), keep Market Rate or enter your own rate, then click OK.
  • Payments: the payment's Exchange Rate is filled with the market rate for the payment date, and you can change it. Online payments use the latest market rate when the payment is recorded.
  • Recurring invoices: if the recurring invoice uses the market rate, each invoice it creates gets the latest market rate on the day it's created. If you entered your own rate, every invoice uses that rate.

The rate is saved with the transaction. It stays the same afterwards unless you edit the transaction and change its rate or date.

How reports convert

Reports divide the amount in the customer's currency by the exchange rate saved on the transaction:

amount in your account currency = amount in customer currency ÷ exchange rate

For example, your account currency is USD and Harbour Legal is billed in AUD. An invoice for AUD 1,200.00, saved with the rate 1 USD = 1.5 AUD, shows as USD 800.00 in account currency reports. The result is rounded to your account currency's decimal places.

Some finance reports let you choose. Set Report Currency to Base Currency to convert, or to Customer Currency to keep each customer's currency. The Invoice Aging, Invoice Aging Details, Transaction List, Transaction Item List and Estimate List reports have this option. Other reports use one currency only: Revenue by Month converts to your account currency, while Sales by Customer and the Customer Statement keep the customer's currency.

Why converted totals can differ

  • Each transaction keeps its own rate. An invoice is converted at the rate for its issue date, and its payment at the rate for the payment date. So the same customer money can show different amounts in your account currency.
  • Balances use the invoice's rate. In the aging reports, an unpaid balance is converted at the rate saved on the invoice, not at today's rate.
  • Old transactions aren't revalued. Rate changes after a transaction is saved don't affect it.
  • Expenses work differently. See how Avaza converts expenses.