Accounts and foreign currencies

[Darryl Cousins]

Hi Derek,

Thanks for the feedback. Yes I find my solution comfortable for me. I
also have a Euro account which I've set up the same way and with those
extra 'virtual' asset accounts the situation is transparent.

Sincere regards,
Darryl Cousins

On Wed, 2006-07-05 at 10:31 -0400, Derek Atkins wrote:
> Your other option is to process the payment as the USD value, and
> then enter the A/R account, select the transaction, right click, and
> choose Edit Exchange Rate.  But your solution is probably easier.
> 
> Eventually the business features should be more multi-currency-aware,
> but it's been low on the priority list.
> 
> -derek
> 
> Darryl Cousins <darryl at darrylcousins.net.nz> writes:
> 
> > Hi again,
> >
> > I think that solved it. I created an USD Assest Account to which I
> > credited the payment of USD220 from Account Receivable (USD). And then
> > was able to transfer the amount to my Checking Account (NZD) selecting
> > the 'to amount' option, bypassing the exchange rates that I have in the
> > Price Editor.
> >
> > Thanks all,
> > Darryl Cousins
> >
> > On Sat, 2006-07-01 at 13:45 +1200, Darryl Cousins wrote:
> >> Hi all,
> >> 
> >> I am in New Zealand but have some overseas customers. I have accounts
> >> set up like this (simplified)
> >> 
> >> + Assest
> >> ---- Checking Account (NZD)
> >> ---- Accounts Receivable (NZD)
> >> ---- Accounts Receivable (EUR)
> >> ---- Accounts Receivable (USD)
> >> + Liabilities
> >> + Income
> >> ---- Income (NZD)
> >> ---- Income (EUR)
> >> ---- Income (USD)
> >> 
> >> And I have set up exchange rates with Tool -> Price Editor
> >> 
> >> All good. When I make an invoice to a USD customer I use the USD Income
> >> and USD Accounts Receivable. This has worked nicely and my reports
> >> balance and make sense.
> >> 
> >> But now I have received my first payment via international banking from
> >> a US customer. The invoice was for $US220 and I received $NZ354.85 in my
> >> Checking Account.
> >> 
> >> I tried the 'process payment' from the customer invoices but this would
> >> credit the Checking Account with $NZ220. And I cannot figure out how to
> >> get the correct amount into the Checking Account (NZD).
> >> 
> >> What I may have to do is create another pseudo USD asset account and
> >> process the USD payment into that from Accounts Receivable (USD). And
> >> then find a way to move/transfer that USD amount into my NZD Checking
> >> Account.
> >> 
> >> Yours sincerely,
> >> Darryl Cousins
>