Foreign currency detail

Currently, I have 3 or 4 accounts (assets and liabilities) in foreign currency and I was wondering how to obtain the detail of the balances in foreign currency from a standard report.

I think the program is already capable to produce this information as is already summarised in the FX gain/loss:

I think this capability could be integrated in the existing Balance Sheet report as an additional option in the columns definitions.

Does anyone find this useful? or is it just me? :slight_smile:

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The reason your balance sheet is in your base currency is that’s the only way for it to be balanced.

Yes I know, but what I mean is to be able to report the account balances in original currency not the base currency. For example, in Spain companies must disclose in the Financial Statement’s notes the balances in foreign currency(ies) (this could be one of the uses of the report).

In my case, I just want to know the breakdown of the balances in foreign currency for internal analysis purposes but right now the workaround is to go clicking on the summary screen over each account to look for the balance in their original currency… I have 3 or maybe 5 accounts and only one currency now, but if you have more accounts and more currencies this become a research endeavour. :slight_smile:

What you describe is currently your only option. There are, of course, several ways to navigate to account information in designated currencies, depending on exactly what the account is, but they all amount to the same thing.

That’s the point of my suggestion. Imagine that my Spanish company (base currency EUR) has a small operation in the US (with its clients, suppliers, revenues, salaries and everything in USD) and a commercial office in Sweden (with a petty cash in SEK and its expenses).

What I’m thinking in is a report that looks like a Trial Balance (for example) in which you can define the columns for the period and currency selected (like we can already do in the P&L with the tracking codes).

Right now, if I want to do that I have to build it on my own on a spreadsheet, increasing the risk of error.

It sounds to me like your best option would be to treat your operations in each country as separate businesses, each in the local base currency. Exporting the P&L statements from each and presenting them in a consolidated spreadsheet would be simple and unlikely to incorporate errors. (Copy and paste only—one column for each location/currency.)

If the case is that the operations are made by separate legal entities I would agree 100%. But that’s no the scenario I’m presenting. I’m not completely sure that approach is the most appropriate from the accounting point of view (but I have no more counter arguments to rebate it :slight_smile: ). I guess it would depend on the volume of transactions and the amount of detail you need.

In any case, as I said in the original post, we have the information recorded, the program already uses it to calculate FX gains/losses, my proposal is to be able to breakdown those balances by account, the current FX gain/loss document produced by Manager shows a net balances (of all assets and liabilities).

In my case the balance of 2.876 USD refers to USD 119 in cash and USD 2.995 in a long-term loan. (I’m summarising there a few more accounts…) So what I’m proposing is to be able to see in a report that detail, because from a management POV the USD 2.876 means nothing.

I realized that. I was just telling you that may be your best option within Manager.

I think this is a much larger request than you may think. Forex calculations in Manager are transaction based, not account based. Personally, I have no idea what would be involved to do what you want.