Exchange rates and Accounts Receivable

Long, Martin martin at longhome.co.uk
Mon Mar 5 10:16:58 EST 2012


On 1 March 2012 14:01, Long, Martin <martin at longhome.co.uk> wrote:

>
> I'm a UK business owner with my accounts denominated in pounds (GBP). I
> receive some payments in dollars - these are not amounts I control, as they
> are based on advertising revenue.
>
> I use trading accounts - an excellent way of handling FX transactions by
> the way.
>
> When I come to enter an invoice, I want to record it in Advertising Income
> / Accounts Receivable USD  based on today's exchange rate. Then I will
> later do a transaction between A/R and my Current Account at the transfer
> rate.
>
> However, this is not made easy. If I try to enter the transaction in
> "Accounts Receivable USD" I don't get the option to enter the exchange
> rate. Clicking the "Exchange Rate" context menu tells me that "This
> register does not support editing exchange rates".
>
> I can go to the "Advertising Income" account, and enter the transaction
> there, but that requires me to know the GBP value - well, the amount on my
> credit note is in USD.
>
> I want to be able to enter this transaction in USD, and have the exchange
> rate box calculate the GBP value for me. This seems like a normal use case,
> why doesn't it work like that? Am I missing something?
>
>

It seems from the lack of response that this is not possible. Can I suggest
this as a feature? It would be really useful to be able to enter foreign
denominated transactions against A/R, in terms of the foreign currency, and
have the local currency value calculated for you in the temp account.

Cheers

Martin

-- 
Martin


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