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Edge Case: Multi-Currency Transactions

Last reviewed: 2026-04-01

Scenario

A customer receives payment in USD, GBP, or other foreign currency and needs to record it in Finora, which operates exclusively in NGN (Nigerian Naira).

Current State

Finora is a single-currency platform — all amounts are stored in NGN. The currency is set during business creation and cannot be changed afterward (locked in Business Settings).

How to Handle Foreign Currency

For invoices billed in foreign currency

  1. Convert to NGN at the exchange rate on the transaction date
  2. Record the NGN equivalent in Finora
  3. Note the original foreign currency amount and exchange rate in the Description field for reference

For expenses paid in foreign currency

  1. Convert the payment amount to NGN at the bank's exchange rate (or CBN rate)
  2. Record the NGN amount in Finora
  3. Note the original currency in the Description

For bank statement imports

Foreign currency transactions on Nigerian bank accounts are typically already converted to NGN by the bank. Import as-is.

Exchange Rate Gains/Losses

If the exchange rate changes between invoicing and payment: - Exchange rate gain: The customer received more NGN than invoiced → record the difference as miscellaneous income - Exchange rate loss: The customer received less NGN than invoiced → record the difference as an expense

Finora does not currently automate exchange rate gain/loss calculations.

What Finora Does NOT Support

  • Multi-currency Chart of Accounts
  • Automatic exchange rate lookups
  • Foreign currency invoices (the invoice is always in NGN)
  • Revaluation of foreign currency balances

Customer Communication

What to say: "Finora currently operates in Nigerian Naira only. For foreign currency transactions, please convert the amount to NGN at the exchange rate on the transaction date and record the NGN equivalent. Note the original currency and rate in the description for your records."

Escalation

  • Tier 1: Guide the customer on manual conversion
  • Tier 2: Customer with significant foreign currency operations needs advice on recording exchange differences
  • Tier 3: Feature request for multi-currency support