[How-to] Use Multicurrency in EZRentOut

Multi-currency allows administrators to enable multiple currencies alongside their base currency in their EZRentOut account. Each vendor within the system is assigned a specific currency at its creation, and all purchase orders for that vendor are processed in that currency. Transactions—including costs, purchases, and depreciation—are recorded in local and base currencies. 

Benefits of Multicurrency 

Here’s how you can benefit from Multicurrency:

1. Streamlined vendor management 

Multicurrency enables organizations to streamline procurement from international vendors by associating each vendor with a specific currency. This automatically applies to all purchase orders for that vendor, simplifying future orders and payments.

2. Exchange Rate Flexibility

You can set and update exchange rates from your EZRentOut settings in two stages: Procurement and payment. This functionality offers exchange rate flexibility as you can set multiple currencies for transactions. 

3. Ease of local business

You can enable your local offices to record transactions in their local currencies while ensuring that all transactions are reported back to headquarters in the base currency. This promotes operational autonomy while maintaining financial alignment with the headquarters.

4. Better Decision-Making

Enables decision-makers to monitor costs in both the company’s and vendor’s currencies, facilitating better decision-making and more precise tracking of procurement expenditures.

Let’s help you understand how to use Multicurrency in EZRentOut.

1. Setting up Multicurrency

2. Adding Vendors and Creating Purchase Orders

3. Printing Purchase Orders

4. Creating Custom Reports for Purchase Orders

Streamline your rental asset management today with enhanced vendor and order management.