Re: Proposed Enhancements to Chart of Accounts Handling for 1.4

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

On 10/20/07, Pete Houston <..hidden..> wrote:
> On Sat, Oct 20, 2007 at 03:59:48PM -0700, Chris Travers wrote:
> > 3)  I list of acceptable native non-default currencies for other
> > accounts, to help provide better tracking for reconciliation, and
> > better reporting.
>
> If this means what I think it means - that certain accounts could be
> nominated to be stored and calculated in a currency other than the
> default - that would be very useful indeed.

Almost functionally equivalent, but not quite.

All accounts must be tracked in a master currency so you can be sure
your books always balance.  This would be a means of providing a
greater ability to control the flow of money across multiple
currencies.  Reconciliation could be done in either currency (as it
can now)

> We are a British business
> and we have to pre-pay various suppliers in euros and US dollars. Having
> their accounts in pounds in LSMB is sub-optimal. If we could tag their
> accounts as being stored in their native currencies, this would solve a
> lot of problems adminstratively.

Your reports (balance sheets, etc.) still need to be in GBP.  However
we might also want to extend some of the reports (that show current
balances) to show it in both currencies.

Best Wishes,
Chris Travers