Changing Base Currency


Changing the base currency doesn’t update any numbers since the conversions aren’t done automatically. If I change base currency, would I have to manually add the new currency equivalent by editing every transaction?


What are you changing?

Have you entered an exchange rate?

The base currency is USD. There are balances in other currencies as well with the exchange rates updated regularly. However, if I would like to have reports printed in a different currency, let’s say HKD, the base currency needs to be changed. The question is, after changing the base currency to HKD, would I need to update every transaction to show the HKD equivalent (similar to when receiving payment in foreign currency and adding the base currency equivalent)?

I don’t think Manager is setup to do this sort of reporting

Changing the base currency will not affect the numeric values of any transactions, so you will have to re-enter the transactions

Why do you need reports in two currencies - this would be unusual

Why don’t you just export the reports and convert them using Excel?

Hi, I’m sorry to interrupt but I have the same problem here. We need to do US dollar report for our principal but Philippine GAAP requires local currency reports. Do we need to re-enter each transactions?

Our principal wants actual dollar transactions not converted reports and as a rule in Philippine GAAP foriegn currency transactions must be converted into local current, not the other way around.

What you need isn’t to change the base currency. You need financial report currency translation.

Changing the base currency of the company is a horrible solution because it will change the historical values of your transactions, which is also illegal.

Instead if you only need to display reports in currencies other that your functional (base) currency, you should ask for ability to display or translate built-in reports to other currencies, which is a valid feature that’s still not present.

I think the best solution would be to create new report section that deals with translated reports such as P&L, balance sheet and tax reports.

However, in case your functional currency changed permanently, you need to create a new business file. You will need a qualified accountant to do it for you.

I think you’re right…Thank you so much for the reply, it helps a lot