Frequently Asked Questions about Ever Accounting
Why is it important to bring up precision for currencies?
Suppose you want to convert a particular amount from BDT (Bangladeshi Currency) to USD (US Currency). The precision for both currencies is set to 2. The amount you want to convert from BDT to USD is 123.65. The USD amount will be 1.4588845175418 US Dollars. Since the precision is set to 2, the USD amount …
Why do we need to set default currency to 1?
Answer: Default currency in WP Ever Accounting acts as a standard to all other currencies. All currencies are converted in terms of default currency. Since all other currencies are dependant on default currency, you need to set default currency to 1. From the previous example, you have seen that the default USD currency rate is …
What is the currency rate?
Answer: The currency rate is the value of a currency in terms of another currency. Suppose, you have three accounts A, B, and C for your company, and each account has currencies USD, Euro, CAD respectively. Now, if you set USD as a default currency, the other two currencies should be converted in terms of …
What is the default currency?
Answer: Default currency is the currency of your company. You might use multiple accounts and currencies that may vary from each other in WP Ever Accounting plugin. The incomes, expenses, and profits from different accounts with different currencies are ultimately converted to the pre-selected default currencies. Add Currencies Import Currencies
What is the default account?
Answer: Default Account can be recognized as the main account or the company account. You can also have multiple accounts and each account can have different currencies for the transaction.
How to start with WP Ever Accounting?
Answer: To start with WP Ever Accounting, after installing; set your company details from the quick setup wizard. If you want to change the company setting, you can change it from the setting tab. From the default setting, you can set your default account and default currency. Keep in mind that, before setting up a …
What if I want to change default currency?
Answer: To change default currency from existing currencies means you need to set the new default currency rate to 1. According to the new currency rate of the default currency, the rest of the currencies will change accordingly. For example, if the CAD currency rate is set to 1, the other two currencies USD and …