Accounts and foreign currencies

Derek Atkins warlord at MIT.EDU
Wed Jul 5 10:31:44 EDT 2006


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

-- 
       Derek Atkins, SB '93 MIT EE, SM '95 MIT Media Laboratory
       Member, MIT Student Information Processing Board  (SIPB)
       URL: http://web.mit.edu/warlord/    PP-ASEL-IA     N1NWH
       warlord at MIT.EDU                        PGP key available


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