Accounts and foreign currencies

[Darryl Cousins]

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
> 
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