Create Currency

This video provides a detailed walkthrough on how to Create and Manage Currencies in Odoo18, demonstrating how to activate multi-currency support, set up exchange rates, and handle international transactions effectively.

• Enabling Multi-Currency: The video shows how to navigate to Accounting > Configuration > Settings to activate the “Multi-Currencies” feature, which is essential for global business operations.
• Activating Specific Currencies: The narrator demonstrates how to go into the Currencies menu, search for a specific currency (like USD, EUR, or INR), and switch it to “Active” so it can be used in transactions.
• Setting the Main Currency: The guide explains that the “Company Currency” is the base for all accounting, and the video shows how to ensure your primary currency is correctly identified.
• Manual Exchange Rates: You can see the process of adding a new line in the Rates tab of a currency record. This allows you to manually input the exchange rate for a specific date.
• Automatic Rate Synchronization: The video highlights the option to automate rate updates by choosing a provider (like the Central Bank) and setting the interval to daily, weekly, or monthly.
• Currency Formatting: The narrator shows how to customize the Currency Symbol and its position (Before or After the amount) to ensure invoices look professional and localized.
• Transaction Application: The walkthrough concludes by showing a Sales Order created in a foreign currency, demonstrating how Odoo calculates the conversion in the background.

This guide is essential for any Odoo18 user who needs to manage international sales and ensure their financial reporting accounts for global exchange fluctuations.