Multi-currency Accounting

Wremia provides multi-currency framework for all financial data (price lists, budgets, service costs, accounting journal entries). Although many project management systems do not provide multi-currency transactions even for task revenue calculation via Wremia you could book your accounting journals by different currencies.

Wremia lets you to book multiple currencies into one account. However, you have 2 options you could set up in line with your business needs:

  • 1 Set up different accounts for each different currency (ie. Open different bank accounts for USD and EUR assets)
  • 2 Use single account for multiple currencies (ie. Open one bank account for any bank transactions. You will be able to see each currency’s balances in account details page)

Please note that by default chart of account Wremia provides single bank account for multiple currencies. You must determine your chose carefully depending on your business needs and any potential integration with your local systems. Changing your decision after started to use accounting module might bring some extra burden to you. See how to change your currency model for chart of accounts.