Overview

On Leapfin platform, a default currency can be set for each account. The default currency represents the primary financial reporting currency.

For companies with multiple reporting currencies, Leapfin recommends setting up a separate account for each currency.

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Transaction currency vs reporting currency

Transaction currency is the currency used for invoices and payments. It is common for companies with global businesses to have multiple transaction currencies.

Reporting currency is the currency used in financial statements and reporting. Most companies will choose a single reporting currency, to which various transaction currencies will be converted. For large companies with international subsidiaries, different reporting currencies may be selected among subsidiaries.

Configuration

Default currencies can be set following steps below:

Step 1: Navigate to company details page

Step 2: Select default currency from drop down

Step 3: Save the change