Re: Changing the default currency

[Chris Travers <..hidden..>]

On Fri, Apr 24, 2009 at 11:51 PM, John Bell <..hidden..> wrote:
> How easy is it to change the default currency of an existing installation?
>
> I'm setting up LSMB for an Estonian company. At the moment, the accounts
> would be in Estonian Kroon (EEK). At some point in the next 2-3 years
> the national currency will change to the Euro.  The exchange rate of EEK
> is pegged to  the Euro which simplifies things a little. We also do our
> export pricing in Euro.
>
> Which is easier:
> a) Start off in EUR and live with a little hassle in the short term
> or
> b) Start off in EEK and switch when the national currency changes
>
> My gut feeling would be (a)
>
> any suggestions?

A would be easier.

However, b is a situation which may be important to have a
recommendation for in the long-term because it happens in Latin
American countries periodically.  I.e. the currency changes to avoid
worthless currencies.  My current thinking as to a recommended
approach is to:

1)  Copy the current database to another location for historical purposes.
2)  update tables to show forex(?  Not really foreign) conversions.

Unfortunately this is a fairly complex problem so until I get
customers who need it and I can actually spend time discussing the
problems with them, I am going to leave this as it is.

Best Wishes,
Chris Travers