The multi-currency module allows a company to operate in other currencies besides the base used for GL reporting.
Invoices can therefore be sent to customers and payments can be accepted in their own currency, and Purchase orders can be sent to vendors and be paid in their currency. When they get posted to the GL, the base currency debit or credit amounts are calculated from the exchange rate and maintained along with the foreign amounts.
When transactions that support another currency are posted, the current exchange rate is assigned. If a payment is also saved in that currency and applied to a transaction where the exchange rate is different, Spire will automatically post the base currency difference to the Gain/Loss GL account defined for that currency code.
Inventory costs are always stored in the base currency, even if purchased and received from a vendor that uses a foreign currency.