Is the US dollar switched on in Genoa from the start?
No. Multi-currency is off by default in Genoa.
It is an optional feature that is switched on per organisation as needed, so a company that works only in Iraqi dinars sees no change.
Multi-currency in Genoa: US dollars alongside Iraqi dinars
In short
Multi-currency in Genoa lets invoices be priced in US dollars at an exchange rate, with their Iraqi dinar equivalent calculated for the books, which stay in dinars. It is an optional feature: off by default and switched on per organisation, only for companies that need it. It is meant for Iraqi companies that buy, sell or deal with customers and suppliers in dollars.
This is an optional feature: it is off by default and is switched on per organisation when needed.
Key facts
- Currencies
- Iraqi dinar and US dollar
- Availability
- Optional, off by default
- Enabled
- Per organisation, as needed
- Related to
- Accounting, customer and supplier ledgers, landed cost
Why do Iraqi companies need both dinars and dollars?
In Iraq, it is common for companies to buy goods in US dollars and sell them locally in Iraqi dinars. Some customers and suppliers also deal directly in dollars.
When all of this is recorded in a single currency, it is hard to see the real balance in each currency or the effect of changes in the exchange rate.
How is multi-currency switched on?
Multi-currency is optional: it is off by default and switched on per organisation, according to each company's needs. Turning it on for one company changes nothing for another.
A company that works only in Iraqi dinars simply keeps it off. To find out whether your company needs it, book a demo and talk through how you deal in the two currencies.
What role does the exchange rate play?
The exchange rate converts an amount in dollars into its value in dinars. Because the dollar-to-dinar rate changes, the same debt can be worth a different amount in dinars from one day to the next.
That is why it is worth asking in a demo how Genoa handles the exchange rate.
How does multi-currency relate to the other modules?
When multi-currency is enabled, sales and purchase invoices can be priced in US dollars, and their Iraqi dinar equivalent is calculated at the exchange rate, so the entry in the accounts and in customer and supplier ledgers stays in dinars.
Importers can combine it with landed cost, which is also optional, off by default and switched on per organisation.
Questions about multi-currency
Does Genoa support currencies other than the dinar and the dollar?
Multi-currency in Genoa is built for the US dollar alongside the Iraqi dinar.
If your company deals in other currencies, raise it during a demo to get an answer for your case.
Related features
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Accounting
Keep the books in Iraqi dinars in the same product as inventory, sales and purchasing, and the ledgers.
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Customer and supplier ledgers
Follow customer debts and supplier balances, with ageing that shows how long each balance has been open.
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Landed cost
Optional featureAdd freight and customs on top of the cost of imported items. Optional, off by default and switched on per organisation.
See the software for yourself
Book a demo and we will walk you through the screens that matter to you, or send us your question on WhatsApp.