Re: Exchange Rates

Hi Nick, Michael,

On Fri, Feb 20, 2015 at 9:48 PM, Nick Prater <..hidden..> wrote:

Thanks for the reply Michael. It's helped my sanity!

>> 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)

It's horribly broken. I too use that workaround, but better yet, I'm working on resolving the issue completely: that is, to make sure the exchange rates get stored per transaction. Or rather, we'll start storing a local and a foreign currency amount. Anybody who wants to know the rate can probably do the math themselves.

I also use that work-around, but it doesn't scale for bigger businesses.

> 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.

I hit this issue too, plus I can never remember whether the Exchange Rate
box in ledgersmb is from or to the default currency, which adds to the
scope for human error. In 1.4.10 I've seen some unexpected numbers after
trying to reverse such a transaction, which is what is driving me to dig
deeper. I'll file bug reports if I find a problem.

Same here. If the fundraiser gets enough funds (and I finish the job), we'll do the math in the screen so you can see the outcome and be the judge of what the correct rate is or simply enter both numbers.

Regards,

Bye,

Erik.

http://efficito.com -- Hosted accounting and ERP.

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