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How do I change the base currency of my company?
How do I change the base currency of my company?

Learn how to update your company's base currency and understand how this change affects your transactions.

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Written by Support Team
Updated yesterday

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:

  1. Navigate to Home > Companies to open your company

  2. Click on Company Settings in the sidebar

  3. Select the General tab

  4. Find the Equity Management Settings tile

  5. Click the Edit button

  6. In the new window that appears, locate the base currency field and select your preferred currency from the dropdown menu

  7. 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your transaction values will be shown in EUR, and you'll need to set appropriate exchange rates for any transactions originally made in USD or other currencies.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:

  1. You must define an exchange rate for each of these transactions

  2. This ensures accurate financial reporting and valuation in your new base currency

  3. 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.

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