Auto-Convert is a feature that allows you to automatically convert any foreign currency deposit you receive into your base currency as soon as the funds arrive. This process uses the prevailing spot rate at the time the deposit lands, ensuring your funds are immediately available in your chosen base currency without manual intervention. Refer to this article for details on how to setup-auto convert.

Pre-requisites:

• You must have the Company: Manage permission to enable or disable Auto-Convert.

Why is this important:

Auto-Convert helps streamline your cash management by removing the need to manually convert incoming foreign currency deposits. This ensures your funds are always available in your base currency, reducing currency risk and simplifying reconciliation. It’s especially useful for businesses that regularly receive payments in multiple currencies and want to avoid holding foreign currency balances.

Related FAQ Articles:

• Can I automatically convert my foreign currency deposit to my base currency?

• How do I view my recent currency account transactions?

• How do I handle multi-currency budgets?

• How do I create a new company account?