Base currency
Your base currency is set when you create your company. It’s the currency your books are kept in and all reports default to.
Transaction currency
Every transaction can be recorded in any currency. A Euro-based company can send USD invoices to American clients and receive GBP bills from British vendors. Dotio tracks both the transaction currency and the base currency equivalent.
FX rates
Dotio pulls daily exchange rates automatically. Rates are applied based on the transaction date.
For invoices, Dotio uses the rate on the invoice date. For payments, it uses the rate on the payment date. The difference between the two (FX gain or loss) is posted automatically to a dedicated account.
Manual rates
If you need to override the automatic rate — to match a contracted rate, for example — you can enter it manually on any transaction. Dotio uses your override and notes it in the audit trail.
Rounding
Currency conversions involve decimals and rounding differences accumulate. Dotio has a built-in FX rounding account that collects these tiny differences automatically, so your books always balance to the penny.
Reporting
Reports can be run in your base currency or in any transaction currency. You can also view side-by-side comparisons.