Multi Currency POS: Sales, Rates and Reporting
Multi currency POS software needs to preserve the currency of each sale and show how it contributes to the reporting currency. The invoice amount, cash held and bank settlement each need their own records.
Understand the three currency decisions
The transaction currency is the currency printed on the invoice. The reporting currency is the currency used to bring business totals together. The settlement currency is the currency in which a payment provider or bank pays out.
A USD invoice can have a TTD reporting equivalent and a separate USD bank settlement. Combining these figures without labels can overstate sales or conceal exchange differences. Ask the vendor to show all three stages on an actual example.
Automatic rates need dates and a source
Record the source publication time, last successful update and the rate used on the transaction. A new source publication should not rewrite a customer invoice that has already been issued.
DSDillon POS connects to the daily ExchangeRate-API feed. It checks for updates hourly, uses the provider publication schedule and retains the selected rate with issued invoices. The provider describes its rates as indicative; the bank or processor determines its own conversion and fees.
ExchangeRate-API data methodology / ExchangeRate-API update schedule
Check the direction of conversion
Use a labelled rule such as 1 USD equals 6.80 TTD. At that illustrative rate, USD 100 has a TTD 680 reporting value. Dividing instead of multiplying produces a materially different result. The rate is illustrative.
Cross rates also need a consistent reference. When two currencies are quoted against the same base, derive their relationship from that same publication. Round only at the defined currency precision.
Reconcile cash in its original currency
Count each currency separately at closing. A register holding TTD notes and USD notes needs two physical counts and two expected cash balances. A converted grand total is useful for reporting after those counts reconcile.
DSDillon POS supports 24 currencies and separate currency cash counts. Each invoice uses one currency. Split payments on that invoice remain in its currency; mixed currency tender on a single invoice is not included in the current release.
Test unusual currency and outage cases
Include a currency with no fractional units, a currency with three decimal places, a partial payment and a credit note. Confirm that exports preserve the currency code and recorded rate.
Then interrupt the rate feed. The application should expose the age of its last rate, retain old invoice records and enforce a policy for new foreign currency transactions. DSDillon blocks new automatic foreign currency invoices when the available rate is more than 48 hours old.
Questions before you decide
Can a rate update change an issued invoice?
DSDillon POS preserves the currency, prices and recorded exchange rate of an issued invoice. New rates apply to new transactions and to draft reporting rates when issued.
Are reference rates the rates my bank will use?
Bank and processor conversions can include their own rates, fees and timing. Reconcile the actual settlement separately from the invoice reporting value.
Tell us how your business sells.
Share your business type, locations, currencies, invoice requirements and payment providers. We will scope the workflow, connections and acceptance tests.
