When will we be able to add custom currencies?
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@lubos, I like to have custom currency in place for experimenting trading within certain community using minted. coins. Although is uncommon request. It does help us keep track trading agriculture goods when the nation’s currency value slump and a need to have separate currency or legal tender to be used for it’s intrinsic value. Althought is a good practice to use the minted coins as inventory however I would like the case to be separate from the paper currency market. To disallow fluctuate of inflation comes from forex.
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There is similar feature request:
I do want to add this feature soon.
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Is there an update already to add custom currencies?
No
I’ve been wondering about custom currencies too. I live in Zimbabwe, where officially we use the US dollar. We also have local “bond notes” in small denominations. However, the banks don’t have cash to dispense, in either US dollars or bond notes. So, effectively we have three different currencies: US dollar cash, Bond note cash, and virtual money in bank accounts. Although officially they all have the same value, in reality they trade at very different values that sometimes fluctuate wildly. If I want to charge a customer US$100 for a product or service, I’ll need to charge about $400 if it’s a bank transaction to get the same value.
The tricky thing is that I believe my official business accounts need to reflect whatever the official government policy is for currencies, so I suspect that adding currencies and exchange rates that contravene these might get me into logistical and possibly even legal trouble. But I’ll chat to my accountant further about that, as she has the local knowledge.
However, I have been wondering about what I would do in Manager if these alternative currencies and rates are officially acknowledged. Obviously it’s easy enough to manage my bank and cash accounts, as anything in the bank account has a value different to the cash account, and neither will contain mixed currencies. The safest and most logical approach to pricing seems to be to list prices in the currency with the lowest value (virtual bank balances), and to give discounts on the invoicing to customers paying with cash, although in theory both are US dollars.
Another potential approach – and one that might become a legal and preferred method in the future – would be to have bank balances (RTGS) and Bond notes as additional currencies, and set up exchange rates in Manager so that switching between them is easy.
So, in summary, I can see custom currencies potentially being very useful (perhaps even essential) for me in the future. It’s hard enough for those of us living here to understand what’s going on with our currencies, so I wouldn’t expect @lubos or anyone else from outside the country to keep on top of it and offer the appropriate support. Custom currencies would mean they wouldn’t have to.
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Custom currencies will be supported very soon. There is a topic in ideas category for that already.
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Any news on Custom currencies? I too live in Zimbabwe and have the same dilemna as you. I have been using Manager for about a year and some months now
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The latest version (20.2.35) allows to set custom currencies.
Base Currency screen under Settings tab now looks like this:
And to add custom foreign currencies, there is new screen called Foreign Currencies
This new feature solves also another problem with currency symbols. For example, in Australia the currency symbol for Australian dollar is just $ and symbol for US dollar is US$. However, in USA, the currency symbol for US dollar is $ and Australian dollar would be presented as AU$.
Currencies can have custom currency symbol now which will make it easier to adapt to your country.
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wow, thank you so much<3