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Re: bank accounts with different currencies

so i gather from lack of replies and discussions on IRC that this is
not actually possible with Ledger-SMB, latest SQL-Ledger can use
foreign currencies on GL transactions but doesn't seem to support
accounts in different currencies.

having bank accounts in different currencies seems to be a common
practice here in Egypt, and I'm sure in other countries where the local
currency is quite weak. now is there anything I can do to help


It's supported OK in SL, so I guess it also works ok in L-SMB. The basic clue is that the whole of the system needs to add up and balance. Therefore you have trouble if you have 64 splots = 100 splits. So the trick used is to create a balancing entry for 36 splots which is given a flag against it to show that it's just a balancing currency exchange entry.

So you can run multiple accounts in different currencies withotu a problem

Also SL at least tries to value everything back to a single currency for display purposes, so it's basically pegging everything against a single currency and keeping a kind of running FX gain/loss going account at the same time. I *believe* that this is common practice in most accounting jurisdictions, but obviously it takes a bit to get your head around if you are not used to it

I would suggest that the best way to experiment is to create a new set of accounts with two currencies and some exchange rates which are nice round multiples (not 2:1 though or it's hard to understand the balancing entries). Then stick in a few invoices in using "foreign" currencies to a dedicated cash account and see what happens. Then try and pay off this account from a notional account in local currency and observe the journal entries. Use the reconciliation screens with the "show fx transactions" toggle on and off in order to understand how it works, and why it's actually quite clever

Good luck

Ed W