Hi , I would like to change the base currency of the business . Previously i set it in MYR but i would like to change it to SGD now . After changing , i notice all the original currency set to the bank , cash and employee changed too.
I even have some missing transactions . How can i do it correctly ?
Firstly are you actually changing the currency being used or just the currency being recorded ?
Changing base currency is akin to starting a new business - MYR in the old and SGD in the new.
Set up the new business, export any required lists and batch create into the new business.
Decide on a change over date, convert old business MYR balances into SGD and enter as Starting Balances, including unpaid accounts receivable / payable invoices etc.
With careful upfront planning it should go smoothly - there is no magic switch.
So as to say the system will not auto convert the balance by change the base currency , gotta key in everything again.
Correct, Manager sees 1.00 as 1.00, if you say it is a MYR 1.00 then Manager says its a MYR 1.00, but if you now say its a SGD 1.00 then Manager now says its a SGD 1.00.
Manager can’t know that a transaction you entered as 10.00 now equals 7.70 because you have changed the base currency, the 10.00 entered transaction stays as a 10.00 entered transaction.
Think of changing the base currency as really just changing a display label, not numerical values.
I am concerned about your statement that transactions are missing. What type?
This just means that you never selected a currency when you first created the transaction. It’s an optional field.
Leaving it empty / missing means that it is the default currency.
So when you changed your currency … 4,500 MYR became 4,500 SGD instead. See @Brucanna’s reply for details on why this is so.
You should change back to MYR currency in this business file, so that the transactions are accurate.
@tonyleong - perhaps it would help if you explained why you want to change the base currency? Perhaps there is a better way to achieve the same thing.
I have a few business added in the manager , all with different base currency . So i was thinking to make it all the same , change it to SGD. easier for reporting
Okay, I can understand why you would want to do that.
However, the solution is what Brucanna mentioned - starting a new business:
Any of your businesses that are currently using MYR … you would convert over to a new one that uses SGD with a new start date, and then keep the MYR business in case you need to check historical transactions.
You might find that it’s easier to keep it in the different currencies for now, and then make plans to switch over at the start of the next financial year.
Ok , Thanks for the advise . ! Cheers