If there are two foreign currency being use, the financial reporting does not do the conversion. Do you have the solution for this?
All foreign currency transactions are converted into your base currency for reporting purposes.
I presume you have set a base currency
The exchange is done using the exchange rates you enter in Settings.
What exactly are you referring to?
Illustrate with screen images
Dear Joe,
Yes, now only I realised that there is an exchange rate field to place on daily basis. Is it once the actual bills are paid and it will automatically register the foreign exchange gain or loss?
Thank you.
Regards,
Sandy
Changes in exchange rates affect the balances in balance sheet accounts. For example, a bank account denominated in Euros will be revalued in a base currency of Dollars if the Euro-Dollar exchange rate changes, even though the number of Euros in the bank account does not change.