I would like to change our base currency. From my reading of the forum and my own experiments this is not a simple task. It looks like the most widely accepted advice is to create a new business and enter starting balances. I will try to explain my scenario, and would be grateful if anyone can advis…

The more I think about it, the more it seems like creating a new business is the way to go for changing the functional currency. However, maybe Manager could provide users with assistance in this process. But just to be extra sure, we need to confirm that changing the functional currency is in fact…

“It’s very difficult to make predictions about the future”

The issue is that in multiple-currency economies they try to minimize recording of FOREX Gains/Losses by allowing trade in these multiple currencies. When a traditional single base currency is used when the FOREX is volatile many companies will record losses even if buying and selling in another cur…

[image] Ealfardan: I just want to be sure that this isn’t a recurring issue. As @Stewart has alluded, it is very difficult to predict what will happen with the future of our currencies. We could have a new one as soon as next month, and then we might all have to change our base currency to th…

[image] GrahamvdR: As @Stewart has alluded, it is very difficult to predict what will happen with the future of our currencies. We could have a new one as soon as next month, and then we might all have to change our base currency to that if the tax authority requires us to report in it. In th…

[image] Ealfardan: Just for, I think your case is another valid case to support Split Business File function that has been proposed before since it will help you reduce the amount of work needed to replicate the current setup. This could be it [image] Disable Projects Another thing I’m pu…

[image] Ealfardan: it’s going to force all users to bear the overhead of configuring foreign currencies before selecting a base currency Hopefully there could be a way to avoid making more work for most users. Perhaps by default the base currency could be a single defined currency, with the o…

Hi Graham I was running ZWL accounts as the base currency through Pastel last year; and was advised by two different accountants to separate and run AS TWO SEPARATE COMPANIES the ZWL and USD accounts - which I am now doing in Manager. In my understanding, ZIMRA are giving us this option and an exc…

Thanks for that feedback @RKzw . It’s always good to hear what advice accountants are giving. Unfortunately I don’t see how I can set up our business as two separate Manager businesses with the inventory that we need to use for both, but it’s something to consider as I plan how to proceed, and hopefu…

How would you account for the cost of goods for sale if you mix the two inventories - those purchased in ZWL and those purchased in USD?

Change base currency

Uncategorized

Ealfardan March 28, 2024, 3:03am 13

This could be it

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Change base currency

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