Re: Exchange Rates

[Michael Richardson <..hidden..>]

Nick Prater <..hidden..> wrote:
    > Am I right in thinking that ledgersmb 1.4 and earlier store exchange
    > rates globally (in the exchangerate table), rather than
    > per-transaction? So once an exchange rate is set, that rate is assumed
    > for all other transactions on that date?

    > If so, that assumption seems broken in that:

Yeah, it's an annoyance for me too; and if often forces me to post a
transaction on the next or previous day as I reconcile a statement.
(Fortunately, it's mostly just an annoyance)

Also annoying is that receive some amount (1234 UNIT1) from the payor, and
the bank posts it to my account as 1334 UNIT2.  I only know the FX rate by
doing the division, and half the time, I do it wrong, or worse, I don't get
enough of a repeating fraction entered.  I'd rather just be able to enter it
as I see it, and let the computer figure things out.

    > Ideally, it seems that exchange rates should instead be stored on a
    > per-transaction basis. Or do I have this wrong?

    > I'd appreciate a more knowledgeable opinion!

When I had a lot of customers who we billed in Euros, we finally figured out
how to get our bank (TD/CanadaTrust) to open an account in Euro.
They didn't charge us any fees, pay any interest, or even let us see the
account online, and we had to go in to the branch to arrange transfers, which
I did every few weeks (or used a FX exchange service too).  That way, I never
had FX issues on individual transactions, just one big one every few weeks.
(We investigating using HSBC, but their rates were outrageous...)

--
]               Never tell me the odds!                 | ipv6 mesh networks [
]   Michael Richardson, Sandelman Software Works        | network architect  [
]     ..hidden..  http://www.sandelman.ca/        |   ruby on rails    [


------------------------------------------------------------------------------
Download BIRT iHub F-Type - The Free Enterprise-Grade BIRT Server
from Actuate! Instantly Supercharge Your Business Reports and Dashboards
with Interactivity, Sharing, Native Excel Exports, App Integration & more
Get technology previously reserved for billion-dollar corporations, FREE
http://pubads.g.doubleclick.net/gampad/clk?id=190641631&iu=/4140/ostg.clktrk
_______________________________________________
Ledger-smb-users mailing list
..hidden..
https://lists.sourceforge.net/lists/listinfo/ledger-smb-users