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Re: FX: prices agreed in one currency, customer pays in another?
- Subject: Re: FX: prices agreed in one currency, customer pays in another?
- From: "R. Ransbottom" <..hidden..>
- Date: Mon, 9 Nov 2015 06:59:41 -0500
On Sun, Nov 08, 2015 at 09:36:45PM +0100, Erik Huelsmann wrote:
> On Sun, Nov 8, 2015 at 4:35 AM, R. Ransbottom <..hidden..> wrote:
> > On Sat, Nov 07, 2015 at 01:43:19PM +0100, Erik Huelsmann wrote:
> > > ... we agreed on a price in USD, but the customer [ pays ]
> > > in a different currency
> > > ... we also settled on a source for the exchange rates ...
> > > I've agreed to the *payments* happening ...
> > > month to month ...
> > > I'm adding a note to ... the invoice about the amount and
> > > currency to be paid.
> > ... there are businesses that live on such transactions.
> > Currently, LSMB is a poor choice for them.
> > "note .. about amount and _currency_"
> > makes me think you might be billing in USD. That is the worst choice
> > of the three. Since you have the XF info in time you should bill
> > the agreed currency at the special derived rate and just side-note
> > the USD amount[s].
> Hmm. "the agreed currency" is ambiguous here :-) there are two agreed
> currencies: the prices in USD, the payment in the other currency. But I get
> your point.
> > I am not sure what you see lacking in this transaction, so I am not
> > sure how to help further.
s/this transaction/your transaction/
What do you see as the problem with what you are doing? !!!
My guess that you: Are just issuing a monthly bill for work done
each month. That you thought this would be as easy as issuing a
bill for NNN.NN USD repeatedly.
But by your agreement you don't know ahead of time how much you will
be billing. Only that it will be the equivalent to NNN.NN USD.
There are lots of ways a contract like this could be recorded. The
nuances would be about timing of the obligation, what basis FX gains use,
and whether FX gains need to be allocated to each step of the exchange.
Any of those would make recording the transaction more involved.
> Do I understand correctly that you too think LedgerSMB wasn't made for
> this workflow?
If my above guess is correct, then there is not much that will make your
workflow easier. Lsmb is looking good here. But the FX model is too
simplistic for the market for which lsmb is named. FX is peripheral for
me, so I don't know if there is any close competition re: FX.
> I'm still wondering if I'm the only one running into this type of problem.
I still don't know what your complaint is.
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