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Re: Multiple currency setup and unbalanced general ledger transactions
- Subject: Re: Multiple currency setup and unbalanced general ledger transactions
- From: Michael Richardson <..hidden..>
- Date: Thu, 15 Oct 2009 16:22:15 -0400
>>>>> "stroller" == stroller <..hidden..> writes:
>> You should raise the invoice in euros - this will ask you for the
>> current exchange rate. Note that this is how many GBP 1 EUR will
>> purchase (not the other way around). On today's rates this is about
>> Then when you apply the payment of the invoice (via Cash->Receipt) the
>> currency should be set to EUR and the exchange rate on the day of
>> payment should be given.
>> This is the procedure which I follow (rightly or wrongly!) and it
>> seems to
>> work most of the time with the exception of a couple of rounding
>> (which do not seem to affect the accounts, just some presentation).
stroller> Doesn't this mean that the customer can pay the invoice in
stroller> the full number of Euros, but LedgerSMB shows the invoice
stroller> as not fully paid (or overpaid) because the exchange rate
stroller> has changed?
Normally not (%)
If you receive the amount in EUR, you enter the current exchange rate.
The transaction occurs in EUR, and there is a second transaction that is
entered against the Foreign Currency Gain/Loss expense account.
You need a EUR currency Checking Account to do this though (or at
least, I seem to recall this made life easier later on)
hint: when reconciling the foreign currency checking account, do not
check the box about foreign exchange rates.
(%) occasionally, I've seen things be off by 0.01 units, and not get closed.
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