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Re: Multiple currency setup and unbalanced general ledger transactions
- Subject: Re: Multiple currency setup and unbalanced general ledger transactions
- From: Nigel Titley <..hidden..>
- Date: Tue, 20 Oct 2009 02:10:32 +0100
Michael Richardson wrote:
> >> 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
> >> 0.93.
> >> 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
> >> oddities
> >> (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
All of this is very helpful for the future, although I must admit to
being slightly annoyed that I can't properly track things in my Euro
checking account (even gnucash lets me do that), but it leaves two
1. Why did I get an unbalanced transaction entered in the first place (I
think this is a bug). Remember, all I did was enter a receipt in the
2. How can I fix it? (the suggestion about rolling back to the back up
isn't really practical)
To fix it can I enter a reversing unbalanced transaction? Or must I go
into the database and pull out the transaction by the roots?