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FX rates related thoughts


I think the local rules usually control that,

An example:

The company must declare, which FX rate will be the base of all accounting and the accountant (system) must adjust the FX gain/loss based on the real life (bank) FX rate.

My company uses the local Central Bank FX rate, which changes every day at 12:00. That sucks in that way, there are two different FX rates, one in the morning and one in afternoon, but we can choose one, which is ok.

Banks use different FX rates, they change frequently, several times a day.

If a transaction happens in foreign currency, comparing to the Central Bank FX rate (as reference) there will be FX gain/loss.

I think, using one reference FX rate and several real life could cover the use cases. The reference FX rate could be populated automatically (by cron), which can help to lower the human error on enter.

Hmm, as I think, when an FX rate entered for the future, for like in a quotation or order, when the real date will be the same date as on the quotation/order, it should be changed to the real reference FX rate to have a correct number....

So, when you implement the multi FX rate recordings, it would be useful to make a research, which way will be the best one which is suitable for most of us.

And a FX rate reporting/editing form could be useful. Revisors usually ask FX reports and at this moment it is not possible in the recent lsmb.




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