Currencies & tax
These settings decide the currency and tax treatment your transactions are created with. All are admin-only and audited, and are scoped to your organisation.
Base currency and GST defaults
Section titled “Base currency and GST defaults”Set the defaults that new transactions inherit:
- Base currency: defaults to INR. Currency codes are checked against the standard list of real world currencies.
- GST configuration: your registration type (Regular / Composition / Unregistered) and default tax treatment.
These are applied automatically when a new transaction is created. Your GST configuration is combined with your organisation’s state to decide place-of-supply (CGST/SGST versus IGST) downstream. Changing a default only affects future transactions, historical documents are untouched.
Multiple currencies and exchange rates
Section titled “Multiple currencies and exchange rates”If you transact in more than one currency, enable additional currencies on top of your base.
- Maintain the active currency list. Your base currency cannot be removed.
- Documents can then be raised in any active currency.
- Exchange rates are supplied for each rate-date, and you can enter a manual rate where needed.
- Rate history is preserved per currency pair and date, and becomes immutable once a document has used it: so past documents always reflect the rate that applied.
- Currency codes are checked against the standard currency list, and rounding follows each currency’s number of decimal places.
Activations, deactivations and manual rate edits are all audited.
Tax / GST regime
Section titled “Tax / GST regime”Choose the tax regime that matches where you operate:
- Options are none, GST (India), VAT, sales-tax, or custom.
- Your choice decides which tax fields appear on documents, and tax identifiers are validated per regime.
- Switching regime is blocked once tax-bearing documents exist: you would need to archive or migrate those first, so your records stay consistent.