Choosing to use the multi-currency option in Odoo will allow you to send sales invoices, quotes, and purchase orders or receive bills and payments in currencies other than your own. With multi-currency, you can also set up bank accounts in other currencies and run reports on your foreign currency activities. 

Selecting your main Company Currency

Navigate Settings > Accounting > Currencies and select your Companies main Currency from the Currency Dropdown

Exchange Rate Journal Settings

The Exchange Rate Difference Journal records the difference between transaction incurred date and payment date, resulting in one of two possible outcomes: gain or loss. Odoo will record the outcome. During the idle period, the exchange rate fluctuates. For example; If a payment is made one month after the invoice is issued, the exchange rate has most likely changed.

In Odoo to update exchange rates automatically: 

• Select the service provider.
• Choose the interval: Manually, Daily, Weekly, or Monthly. 
• Select the Next Run sync date and time. 

Note: If you want to sync now, can always click on the refresh icon next to Next Run.

Multicurrency Activation

1. Navigate Accounting > Configuration > Currencies and Click on the green color icon next to each currency to activate that specific additional Currency. 

Currency Creation

To Create Currencies,

Go to Settings > Accounting > Currencies > Create > Fill in the info > Save