FrontAccounting forum — Issues with multiple currencies

Re: Issues with multiple currencies

null@example.com (apmuthu) — Sun, 28 Dec 2014 19:42:16 +0000

You seem to have inverted your exchange rates by entering it manually!

Assuming
1 TZS = 0.00058 USD
means
1 USD = 1725 TZS

Instead of 1 : 1725 you may have made it 1725 : 1. This will result in 1725 * 1725 = 2975625 times the variance (nearly 3 million times)!

Remember your local currency is 1 and the exchange rate is the equivalent of 1 unit of your home currency in target currency.

Re: Issues with multiple currencies

null@example.com (hisapepe) — Sun, 28 Dec 2014 19:31:39 +0000

Hi,
See, one of the account for "Gains in Exchange rates" automatically posts huge balances whenever there is a transaction of foreign currency( USD).

I have attached the current transactions within this account and the screen shot of ERP for further actions.
http://www.hisapepe.com/erp/shot1.jpg
http://www.hisapepe.com/erp/shot2.bmp (or http://www.hisapepe.com/erp/exported.xls )

Re: Issues with multiple currencies

null@example.com (joe) — Tue, 23 Dec 2014 12:48:26 +0000

Please give a little more details on what you have been doing, so we can try to reproduce the error.

Joe

Issues with multiple currencies

null@example.com (hisapepe) — Tue, 23 Dec 2014 12:26:34 +0000

Hi,
There is one account of "Gains/Loss in exchange rates" that involves only dollar transaction, its balance increases significantly once you post any transaction to any account with dollar value.
Te system doesn't record transactions using one currency given the exchange rate for the period. It sometimes treats USD transaction as if it was a TZshillings (my local currency) and sometimes treats TZShillings transaction as if it was USD. This bring much confusion in the report and also gives us a wrong and unrealistic exchange rates gain.

How do I solve this problem? Thank you