Re: Proposal for 1.4: CoA structure redesign

["Chris Travers" <..hidden..>]

On 10/19/07, Grant Likely <..hidden..> wrote:

> How does this work as the exchange rates change over time?

There is a separate exchangerate table.  Not quite sure how this will
change yet.  Probably will require some sort of general import of
exchangerates from a central authority on a daily basis (manual entry
poses a few problems at the moment).

We may also want to add an fx_fee table associated with accounts.  For
example, some institutions charge an additional fee, so the fx_rate
appears to be different for some accounts.  This could be used to
calculate bank fees and the like based on handling foreign currency.

Best Wishes,
Chris Travers

>
> If I deposit a USD amount into a USD bank account, that amount needs
> to be constant over time.  If the asset account balance is stored in
> the master currency (let's say CAD), then that account needs to be
> fixed to a certain exchange rate at a certain point in time.  When the
> exchange rate changes, it seems like the stored account balance needs
> to be adjusted so the USD balance will remain constant.  Plus when
> doing a reconciliation or report, the fixup transactions need to be
> hidden and each real transaction needs to be adjusted for whatever
> exch rate was in affect for that particular transaction.
>
> Finally, on the user interface front, will I need to know what the
> exchange rate is even if I'm doing a USD transaction on a USD account?
>  (For instance, paying a USD invoice to a USD account).
>
> Am I understanding correctly here?
>
> Cheers,
> g.
>
> --
> Grant Likely, B.Sc., P.Eng.
> Secret Lab Technologies Ltd.
> ..hidden..
> (403) 399-0195
>
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