Accounts and foreign currencies
Darryl Cousins
darryl at darrylcousins.net.nz
Fri Jun 30 21:45:18 EDT 2006
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
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