Account currency
Each account has its own currency. Its reconciliation, balances and journal are in that currency and are never converted.
Help centre / Currencies
Each account in
its own currency.
Account, accounting and reporting currencies, and the rates that link them.
Open BrillrecHow it works
An administrator sets the currencies under Settings → Organisation and the rates under Settings → Currencies & rates.
Accounting currency
Your organisation’s own currency. The most that can be left unexplained at sign-off is in it; after your first reconciliation, changing the accounting currency asks you to enter that limit again. Matching defaults are kept per currency, so they don’t change.
Reporting currency
Totals across accounts on the Overview, Exceptions and Reports are shown in it. It is the accounting currency unless you choose another.
Exchange rates
Choose Set a rate and enter it the way it is quoted, for example 1 USD = 1,550.39 NGN. Either currency can be the “1”; Brillrec works out the other way round at full precision. A rate can be for a month (its month-end rate, used for the whole month) or for one day, for accounts reconciled daily.
Which rate is used
A reconciliation’s converted figures and its sign-off pack use the rate at its period end. Totals across accounts use the latest rate. Without a rate for the month, the latest in the three months before is used; with none, the total names the currency it leaves out.
Common questions
Quick answers.
Which rate should we enter?
The rate your finance policy uses, for example the CBN official rate or the NAFEM closing rate.
Our reporting currency differs from our accounting currency.
Then the reporting currency needs its own rate against the accounting currency, entered in the same way.
Do our rates still work if we change the accounting currency?
Yes. Each rate is between two currencies, so it stays valid whichever of them is the accounting currency.
Why does a USD account need its own matching figures?
Matching defaults hold figures for each currency you use (“a dollar either way” in dollars), so they don’t move with the exchange rate. When a new currency appears, Brillrec suggests figures from your rate, rounded, for an administrator to check and save.
Keep reading
Related guides.
Accounts: bank, POS and investments
Bank, POS and payments, and investment accounts, each reconciled period by period.
Read the guideReading the reconciliation statement
The statement shows how your cash book reaches the bank’s balance.
Read the guideSigning off a reconciliation
Who does what, and what sign-off locks.
Read the guideStill stuck?
Ask us.
Email hello@brillrec.com with what you were doing and what you saw, and we will help.
Email Brillrec