Africa Multi-Currency ERP Setup Worksheet
Companies trading across Africa often invoice in dollars, euros and several local currencies, while keeping accounts in Rand or another base currency. Setting that up in an ERP means deciding which currencies, which rate source and when to revalue. This worksheet puts those decisions in one place and shows the exposure behind them.
| Currency code | Country or zone | Used for | Rate source | Rate to ZAR | Foreign balance | Value in ZAR | Rate move % | Impact in ZAR | |
|---|---|---|---|---|---|---|---|---|---|
R 2,184,000 | R 109,200 | ||||||||
R 891,000 | R 44,550 | ||||||||
R 405,000 | R 20,250 | ||||||||
R 560,000 | R 56,000 | ||||||||
R 300,000 | R 30,000 |
Rates in the table are illustrative and not market quotes. Replace them with your own source on the day. Positive rate move percent means the foreign currency strengthens against the Rand.
Currency exposure report from your ERP
Optional: we can show how open foreign balances could be reported automatically from your system.
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How to use the worksheet
List each currency you buy, sell or bank in. Record the country, what you use it for, and where the rate will come from. Enter the current rate to your base currency and the foreign balance you carry. The sheet calculates the base currency value, and the effect of a rate move you choose, so you can see how much a shift in the Kwacha or Naira could change your reported position. Export it for your finance and IT teams.
Setup decisions it prompts
For each currency your ERP needs a code, a rate table, and a decision on how often rates update. It also needs rules for revaluing open items and bank balances at period end, and accounts for realised and unrealised exchange differences. In SYSPRO, Sage Evolution and Odoo these appear as currency master records, rate maintenance and revaluation routines, though the names differ. Settle the policy before configuring the system.
Reading the exposure
The impact column multiplies the base value by the rate move you enter. Use a modest move for stable currencies and a larger one for volatile ones. If total impact is a meaningful share of exposure, consider invoicing in your base currency, shortening payment terms, or discussing hedging with your bank. The worksheet does not forecast rates, it only shows sensitivity.
Common mistakes
Teams often use a different rate source in sales and finance, forget to update manual rates, or skip revaluation until year end. Others set rates on a single day and never refresh them. For currencies with official and parallel rates, agree which one your auditors accept and document it. Test the setup with a sample invoice and payment before going live.
Frequently Asked Questions
Which currency should be my base currency?
Usually the currency of your statutory reporting, such as the Rand for South African companies. Group reporting needs and lender requirements can also influence the choice. Decide with your auditors before configuring, because changing it later is hard.
How often should exchange rates update?
Daily for active trading currencies, weekly or monthly for minor ones. What matters is a documented source and a consistent method. Manual rates need an owner and a reminder.
What is the difference between realised and unrealised exchange differences?
Realised differences arise when a foreign invoice is paid or received and the rate differs from booking. Unrealised differences arise from revaluing open items and bank balances at period end. Most ERPs post them to separate accounts.
Does this worksheet give financial advice?
No. It is a planning aid that shows sensitivity to rate moves. Speak to your auditor or bank for hedging, tax and regulatory guidance, especially for currencies with controls.
If you want a read-only report that shows open foreign balances and exposure from your ERP every day, Netray can build it over your existing data.
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