Introduction
Changing your company's base currency affects how all financial data is displayed and calculated in Ledgy. This article explains how to update your base currency and the implications this change has on your existing transactions.
How to change your company's base currency
To change the base currency of your Ledgy company account, follow these steps:
Navigate to Home > Companies to open your company
Click on Company Settings in the sidebar
Select the General tab
Find the Equity Management Settings tile
Click the Edit button
In the new window that appears, locate the base currency field and select your preferred currency from the dropdown menu
Click the Save button to confirm your changes
What happens when you change your base currency
When you update your company's base currency in the Equity Management Settings:
The new currency will be applied to all transactions in your Ledgy account
All financial data will be displayed in the new base currency
You'll need to define exchange rates for any transactions made in currencies other than your new base currency
For example, if you change your base currency from USD to EUR, all your transaction values will be shown in EUR, and you'll need to set appropriate exchange rates for any transactions originally made in USD or other currencies.
Setting exchange rates for transactions
If you have transactions that were paid in a currency different from your new base currency:
You must define an exchange rate for each of these transactions
This ensures accurate financial reporting and valuation in your new base currency
Exchange rates can be set when editing individual transactions
Need more help? Contact our support team at [email protected] or through the chat icon in your Ledgy dashboard.