Topic: Exchange Variance Error

Please help..!!!!
My Exchange Variance is wrong.
I have set correctly Exchange Rates, but always generate Excessive.


Journal Entry    360    30-Jun-2017             36,153,961,430,173.00        72,307,922,870,772.69    Exchange Variance
Journal Entry    361    30-Jun-2017             72,307,922,860,346.00        144,615,845,731,118.69    Exchange Variance
Journal Entry    362    30-Jun-2017             144,615,845,720,690.00        289,231,691,451,808.69    Exchange Variance
Journal Entry    365    30-Jun-2017             289,231,691,439,930.00        578,463,382,891,738.75    Exchange Variance

Re: Exchange Variance Error

You will need to provide more information. What is your home currency? What exchange currency is involved and what rate have you set?

Re: Exchange Variance Error

You probably divided instead of multiplying (or viceversa). As stated by @Dynamic, we would need to know your home currency, your rates, the foreign currency... so that we may provide some help by looking into it.

Re: Exchange Variance Error

My default Currency is USD, but the transaction with curency IDR.
The Exchange Rates is generate automatically is no problem.

Exchange Variance.png

Last edited by hakim (07/24/2017 09:32:32 am)

Re: Exchange Variance Error

What is the exchange rate employed?

Re: Exchange Variance Error

The Exchange Rates is generate automatically.

Exchange Rates.png

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Re: Exchange Variance Error

The Rupiah Exchange rate would need additional decimal places if say the USD is the base currency!
If you keep your Indonesian Rupiah as the base currency all should be well.
Alternatively, you can omit the last 3 decimal places of the Indonesian Rupiah and modify the exchange rate entries accordingly.

As it is, if you want to change the decimal places size, then do it in Setup -> Display Setup (Preferences) in the Web UI.

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Re: Exchange Variance Error

Rupiah exchanges rates is generated automatically from
/*
    Choose Exchange Rate Provider
    Default is ECB for backwards compatibility
*/
$xr_providers = array("ECB", "YAHOO", "GOOGLE", "BLOOMBERG");
$dflt_xr_provider = 2;

the problem that may need to elaborate, in the different vendor and value, the exchange rates seems doubled from the last transaction, we check in the table currency, values in the some dates is wrong get from google shown 0.0001, but we have correctly this to 0.000074954090619496, even in the pages https://domain/fa/gl/manage/exchange_rates.php? this always shown 0.0001.

other trans is seems correct to automatically calc for exchange rate difference, but in this case, we still dont have any clue but some transaction will cause exchage rate difference double from the last value:
Journal Entry    360    30-Jun-2017             36,153,961,430,173.00        72,307,922,870,772.69    Exchange Variance
Journal Entry    361    30-Jun-2017             72,307,922,860,346.00        144,615,845,731,118.69    Exchange Variance
Journal Entry    362    30-Jun-2017             144,615,845,720,690.00        289,231,691,451,808.69    Exchange Variance
Journal Entry    365    30-Jun-2017             289,231,691,439,930.00        578,463,382,891,738.75    Exchange Variance

pls advice how we can solve this?

thanks

Last edited by ichtus (08/14/2017 07:55:31 am)

Re: Exchange Variance Error

Setup -> Display Setup - Exchange Rates -> 8

Base Currency: USD

Banking and GL -> Exchange Rates -> shows 8 decimal places.

The BuyRate form field is set to allow upto 15 digits.

Now all calculation should be okay.

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Re: Exchange Variance Error

This is not happen on payment to supplier, but also other bank payments

Following example cash payment:

I enter internet bill payment of IDR 1,000,000. This equivalent to USD 74.95 (figure 1.png).
After that I check Journal Inquiry, there are new transactions that I input and also transactions that generate automatically by system with value of USD 3699,81 with description of Exchange Variance. (figure 2.png)
This is very impossible, because the transaction is only USD 74.95.

I have changed the exchange rate by 8 decimal
Exchange Rates.png)

Re: Exchange Variance Error

What is the base currency of your company?