Accounting

Multi-Currency in Quickenerp

Enable multi-currency in Settings to invoice and pay in foreign currencies. Go to Accounting > Configuration > Settings → "Multi-Currencies" section.

Setting Up Currencies

1. Go to General Settings > Currencies → Add currencies.
2. Quickenerp auto-updates exchange rates daily (from a free provider).
3. To update rates manually: Currencies → click a currency → "Update Rate Now".
4. Set Rate Providers: European Central Bank, Yahoo Finance, or custom.

Multi-Currency Transaction Flow

1. Create a price list in EUR → assign to a European customer.
2. Create a quotation/invoice in EUR. Prices use the EUR price list.
3. Quickenerp shows both the EUR total and the company currency equivalent (if different).
4. Exchange rate is locked at invoice creation time.
5. When the customer pays in EUR, the payment is recorded in EUR.
6. Exchange gain/loss is calculated and posted automatically on reconciliation.

Exchange Gain/Loss

• Recorded when the exchange rate at payment differs from the rate at invoice creation.
• Posted to a "Exchange Gain" or "Exchange Loss" account.
• Configure these accounts in Settings → "Exchange Gain/Loss Account".
• Unrealised gains/losses are computed at period-end (manual process).

Multi-Currency Bank Accounts

Create separate bank journals for each currency: "USD Bank", "EUR Bank", "GBP Bank". Each journal has its own currency and bank account.

Payment Terms

Payment terms define when and how invoices should be paid. Go to Accounting > Configuration > Payment Terms.

Common Payment Term Types

Customer Payment Process

1. Invoice posted → customer is sent invoice.
2. Customer pays (bank transfer, check, card, portal payment).
3. Go to Accounting > Customers > Payments → Create.
4. Select customer, payment amount, payment method, bank journal.
5. Click Validate - payment is posted.
6. Reconcile the payment with the invoice(s) it covers.

Follow-up & Collections

Quickenerp can send automated follow-up emails for overdue invoices:

• Configure Follow-up Levels in Accounting → Configuration → Follow-up Levels.
• Each level defines: days overdue, email template, and action (e.g. add interest, send final notice).
• Quickenerp auto-sends emails based on the schedule.
• View overdue invoices in Reporting → Aged Receivables.

The Accounting Module

Quickenerp Accounting is a full double-entry accounting system. It handles the complete financial cycle - from invoicing and payments to financial reporting and period-end closing. All entries are recorded in the general ledger using debits and credits, ensuring full audit trail and GAAP/IFRS compliance.

Core Accounting Concepts

Key Capabilities

• Double-entry bookkeeping with flexible chart of accounts.
• Customer invoices, credit notes, and refunds.
• Vendor bills, credit notes, and payments.
• Bank reconciliation with automatic bank statement import.
• Multi-currency with automatic rate updates.
• Tax management: sales tax, VAT, GST, withholding tax.
• Budget creation and real-time monitoring.
• Financial reports: P&L, Balance Sheet, Trial Balance, General Ledger, Cash Flow, Aged Receivables.
• Period-end closing with lock dates and audit trail.

Integration with Other Modules