Many international companies work with multiple currencies in Odoo. A British customer wants an invoice in GBP, your Polish supplier sends amounts in złoty, and the annual accounts are simply in euros. As long as the automatic conversion is set up correctly, you never notice any of this. When it goes wrong, your documents show amounts that are identical in EUR and GBP — which obviously cannot be right. Here is what usually goes wrong, and how to fix it in a quarter of an hour.
Step 1: Activate multi-currency
Go to Accounting → Settings and activate Multi-Currencies. From that moment Odoo keeps a separate series of exchange rates per currency, including the date on which each rate took effect. Without this setting, everything simply stays in your company currency, however often you point to GBP on the invoice.
Step 2: Switch on automatic updates
In the same settings you will find Automatic Currency Rates. Choose a provider — the ECB is free and reliable for euro exchange rates — and set the frequency to daily. Then click Update Now once to fetch the latest rates straight away; otherwise Odoo politely waits for the next scheduled run and you spend another day looking at old rates.
Step 3: Activate per currency
Under Accounting → Configuration → Currencies you see the complete list. Set only the currencies you actually use to Active. The automatic update only fetches rates for active currencies. A common mistake: selecting GBP on a quotation but never activating the currency itself — the rate then simply stays at 1.0.
What if amounts still come out equal?
Then run through these points:
- Check the Currency field on the order or invoice itself. If it says EUR while you expect GBP, Odoo converts nothing.
- Look under Accounting → Configuration → Currencies to see whether the currency in question has a rate with a recent date.
- Check the customer's pricelist: a pricelist in EUR determines the currency of the order, whatever you try on the order line.
If you choose the right currency at document level, Odoo automatically uses the exchange rate of the document date. For reports in your home currency, Odoo converts based on the rate on the posting date — not today's. That is exactly as it should be under accounting standards.
Finally: a practical tip
Schedule one fixed check per month, for example just before you send your invoices. Open the currency list, check that the latest rate date is from this week, and spot-check one recent invoice in a foreign currency. Five minutes' work, and you avoid a customer in Manchester receiving an invoice on which the euro and the pound happen to be worth the same. Stuck, or unsure about your currency settings? Contact DAADit Group — we are happy to take a look with you.
Questions about your Odoo implementation? Start the free Business Scan.
Start the Business Scan →Many international companies work with multiple currencies in Odoo. A British customer wants an invoice in GBP, your Polish supplier quotes in złoty, and your annual accounts are simply in euros. As long as the automatic conversion is set up correctly, you never notice any of this. When it breaks, you get documents where the amounts in EUR and GBP are identical — which of course is not correct. Here is what usually goes wrong, and how to fix it in fifteen minutes.
Step 1: Activate multi-currency
Go to Accounting → Settings and activate Multi-Currencies. From that moment Odoo keeps a separate series of exchange rates per currency, including the date each rate became valid. Without this setting, everything simply stays in your company currency, no matter how often you point the invoice at GBP.
Step 2: Enable automatic updates
In the same settings you will find Automatic Currency Rates. Choose a provider — the ECB is free and reliable for euro exchange rates — and set the frequency to daily. Then click Update Now once to fetch the most recent rates immediately; otherwise Odoo politely waits for the next scheduled run and you spend another day looking at stale rates.
Step 3: Activate each currency
Under Accounting → Configuration → Currencies you see the complete list. Set only the currencies you actually use to Active. The automatic update fetches rates exclusively for active currencies. A common mistake: selecting GBP on a quotation but never activating the currency itself — the rate then simply stays at 1.0.
What if amounts are still identical?
Work through this checklist:
- Check the Currency field on the order or invoice itself. If it says EUR while you expect GBP, Odoo converts nothing.
- Look under Accounting → Configuration → Currencies and verify the currency has a rate with a recent date.
- Check the customer's pricelist: a pricelist in EUR determines the currency of the order, whatever you try on the order line.
Once you choose the correct currency at document level, Odoo automatically uses the exchange rate of the document date. For reports in your home currency, Odoo converts based on the rate on the posting date — not today's rate. That is exactly how it should be, in line with accounting standards.
Finally: a practical tip
Plan one fixed check per month, for example just before sending your invoices. Open the currency list, verify the latest rate date is from this week, and spot-check one recent foreign-currency invoice. Five minutes of work, and you avoid sending a customer in Manchester an invoice where the euro and the pound happen to be worth exactly the same. Stuck, or unsure about your currency settings? Contact DAADit Group — we are happy to take a look with you.
Questions about your Odoo implementation? Take the free Business Scan.
Start the Business Scan →