Accounts and foreign currencies

Darryl Cousins darryl at
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

Yours sincerely,
Darryl Cousins

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