Vital - our business is needing to manage multi-currency assets and liabilities.
There should be a setting within each account (much like where default VAT rates and account codes are defined in the Chart of Accounts) defining the currency of the account.
When reconciling a transaction into the account, the spot exchange rate is defined and the actual value of the transaction in the foreign currency is recorded into the account. From then on, the account is automatically "exchanged" into the home currency in reports, with the exchange rate being defined by the report date (as usual).
This would only need to be applied to asset and liability accounts.
Davide Scott
supported this idea
·
Vital - our business is needing to manage multi-currency assets and liabilities.
There should be a setting within each account (much like where default VAT rates and account codes are defined in the Chart of Accounts) defining the currency of the account.
When reconciling a transaction into the account, the spot exchange rate is defined and the actual value of the transaction in the foreign currency is recorded into the account. From then on, the account is automatically "exchanged" into the home currency in reports, with the exchange rate being defined by the report date (as usual).
This would only need to be applied to asset and liability accounts.