Create a custom currency

The option of using multiple transaction currencies is separate from multiple base currencies. Learn more about enabling multiple base currencies in your Intacct company.

The base currency is the operating and reporting currency for an Intacct company or entity. For example, a UK entity operates in the base currency of GBP, while a US entity operates in the base currency of USD. You run reports for the UK entity in GBP and for the US entity in USD.

You can choose to assign a different base currency to each entity in your multi-entity company. You do this by first enabling multi-base currencies and then enabling a separate base currency for each entity as needed.

Learn more about setting the base currency.

A custom currency is a currency you customize for your business needs, rather than a standard currency that has a globally recognized exchange value.

Some sample uses of custom currency are as follows:

  • An online shopping site wants to set up a customer purchase reward system using a custom currency. Customers accumulate points through purchases they make at the shop. Customers then use their accumulated point to make purchases using the custom currency.
  • An organization needs a hypothetical exchange rate for a unit of custom currency used internally within the organization.

Alternatively, you might need a custom currency for historical data that uses historical exchange rates. In such cases, a CSV file of historical exchange rates replaces the standard ISO currency exchange rates. This can be useful for running reports on historical data, for example.

You can add custom currencies as needed in Sage Intacct.

To view your Company information, go to Company > Company Info.

To view your Company information, go to Company > Setup. Under Configuration, select Company.

Subscription Company
User type Business, Admin
Permissions

Transaction currencies: List, View, Add, Edit, Delete.

Exchange rate types: List, View, Add, Edit, Delete.

Exchange rates: List, View, Add, Edit, Delete.

Create a custom currency: workflow

Ensure that you have enabled multiple transaction currencies.

You can enable defining and using custom currencies for your company on the Company Information page.

  1. Go to Company > Setup. Under Configuration, select Company.
  2. Select Edit.
  3. Choose the Accounting tab.
  4. Select Enable custom currency.
  5. Choose Save.

Next step: Proceed to Add a custom currency.

After you enable the creation of custom currencies in your company, you can add a custom currency.

When you set the number format for a transaction currency, the number format affects all reports and externally facing documents created in Sage Intacct using the selected currency, such as AR sales invoices.

  1. Go to Company > Setup > Multi-currency > Transaction currencies.
  2. Select Add.

    The Currency and Format Setup page is shown.

  3. Under Currency type, select Custom.
  4. Enter the following required fields:
    • Currency code: Enter a three letter code for your custom currency.
    • Currency name: Enter a unique name for the customer currency.
    • Currency format: From the dropdown list, select Custom.
  5. Enter the following optional fields, to distinguish the custom currency from other currencies:
    • Currency unit: Enter a name for the currency unit, for example, cubit.
    • Currency subunit: Enter a name for the currency sub-unit, for example, sub-cubit.
    • Currency symbol: Enter a unique symbol for the custom currency, to distinguish it from other currencies.
  6. Select Save.

Next step: A custom currency requires a custom exchange rate type. Proceed to Create an exchange rate type.

To open the Exchange Rate Type list, go to Company > Setup > Multi-currency > Exchange rate types.

Before you begin: 

  • Use a descriptive name for the exchange rate types you create, such as Monthly or Average.
  • You can enter up to 40 characters for the name of an exchange rate type.
  • Avoid the terms custom and Intacct when naming the exchange rate type, as these are reserved terms.
  1. On the Exchange rate types page, choose Add.
  2. In the Name field, enter a descriptive name for this exchange rate type.
  3. Save your changes.

Next step: Proceed to Import exchange rates for a custom currency.

Before you begin:

  • A best practice is to ensure the exchange rate type already exists in your company. If it doesn't, create the exchange rate type first. If the exchange rate is left blank in the template, the exchange rate type is set to Custom.

  • Each line in the template requires a line number. Even if you have exchange rates already, ensure you sequentially number the line numbers in the template, beginning with 1 for the first line item, 2 for the second, and so on.

  1. To get the exchange rates template, go to Company > Setup > Import data, then select Template next to Exchange rates.
  2. Enter all of the exchange rate information, one exchange rate per line, and save your file.
  3. Select Import exchange rates, then select your completed template.
  4. Choose the date format and file encoding, or accept the default.
  5. To process the import offline, enable the feature. This is useful if there will be a large number of exchange rates to import.
  6. Optionally enter an email address to send a success or failure message to after the import is compete.
  7. Select OK.