What is dual currency invoicing?
Dual currency invoicing allows you to display prices in both Ghana Cedis (GHS) and US Dollars (USD) on the same invoice. This gives clients payment flexibility while protecting your business from currency fluctuations.
When to use dual currency
International clients
- Clients who prefer to see USD amounts
- Companies with USD budgets or accounting
- Expatriate businesses in Ghana
- International organizations and NGOs
High-value services
- Large consulting projects
- Software development contracts
- Long-term service agreements
- Export/import businesses
Currency hedging
- Protecting against GHS volatility
- Offering payment options in stable currency
- Accommodating client preferences
- International contract requirements
How dual currency works in Plaen
Setting up dual currency
Follow these steps to enable dual currency invoicing:
- Go to Settings → Invoice Configuration
- Enable "Dual Currency Display"
- Set your primary currency (usually GHS)
- Set your secondary currency (usually USD)
- Configure automatic exchange rate updates
Exchange rate options
- Live rates: Automatically updated from Bank of Ghana
- Fixed rates: Lock in rates for specific contracts
- Manual rates: Set your own exchange rate
- Rate date: Use rates from invoice date or custom date
Dual currency invoice examples
Primary GHS, Secondary USD
Equal prominence display
Payment considerations
Currency preference
Clearly specify which currency you prefer:
- "Payment preferred in USD" - for international clients
- "Either currency accepted" - maximum flexibility
- "GHS equivalent at time of payment" - for rate protection
Exchange rate fluctuations
Address rate changes in your terms:
- Fixed rate: "USD amounts based on exchange rate of [date]"
- Current rate: "GHS amount may vary based on current exchange rate"
- Rate tolerance: "Rates valid for 7 days from invoice date"
Best practices
Clear communication
- Always show the exchange rate and date used
- Specify which currency is primary
- Explain payment options clearly
- Include rate validity period
Rate management
- Daily rate updates: For current market rates
- Weekly rate locks: For rate stability
- Contract rate fixing: For long-term projects
- Bank rate matching: Use your bank's rates for consistency
Payment method alignment
- USD payments: Bank transfers, international services
- GHS payments: Mobile money, local bank transfers
- Multi-currency accounts: Reduce conversion costs
Advanced features
Automatic rate updates
Plaen can automatically:
- Fetch daily rates from Bank of Ghana
- Update invoice calculations in real-time
- Send rate change notifications
- Archive historical rates for records
Multi-currency reporting
- Track income in both currencies
- Generate currency-specific reports
- Monitor exchange rate impacts
- Export data for accounting systems
Common scenarios
Scenario 1: Ghanaian business, international client
Setup: Primary GHS, display USD equivalent
Rate: Live rates, updated daily
Payment: Accept both currencies
Terms: "Rate valid for 5 business days"
Scenario 2: Export services
Setup: Primary USD, show GHS equivalent
Rate: Fixed rate for contract duration
Payment: USD preferred, GHS accepted
Terms: "USD rate fixed for project duration"
Scenario 3: Local client with USD budget
Setup: Equal prominence for both currencies
Rate: Client's preferred rate source
Payment: Client choice of currency
Terms: "Pay in either currency shown"
Legal and tax considerations
- Tax reporting: Report income in GHS for Ghana tax purposes
- Foreign exchange: Follow Bank of Ghana regulations
- Documentation: Keep records of exchange rates used
- Audit trail: Maintain currency conversion records