Foreign Exchange Imports (will this function be available)?

I was just wondering whether a “batch update” of Exchange Rates will be available? Although I am not a developer, I imagine that it wouldn’t be that difficult to allow exchange rates to be uploaded (via .csv). From memory, I though that this used to be possible in Manager, but it isn’t there now. For accurate reporting, I would need daily exchnage rates for multiple currencies, going back for about a year and a half. To enter these individually (over 1,500 entries) would be a massive task. Would a developer @lubos be able to comment. Excellent software, by the way.

I’m actually rethinking overall approach to multi-currency.

Rather than having list of historical exchange rates under Settings tab, perhaps Manager should just have exchange rate field on each transaction where applicable.

@lubos But wouldn’t exchange rates STILL need to be added somewhere on a “regular basis”, otherwise how could the exchange rate gains/losses be shown for the relavnt reporting period? Say that only a few foreign transactions were added each year … if those transactions ONLY had an exchange rate, then all subsequent reports would use THAT rate to work out period-end balances and gains/losses. Systems with which I am familiar ALWAYS allow for a regular (say, daily; weekly; monthly) exchange rate to be input via a “table” … and optionally allow a “specific” (viz. over-ride) exchange rate at the transaction level.

Aren’t exchange rates used for the transaction, not the reporting date.

If a transaction occurs in July at a rate of 1.12, then that’s the applicable gain/loss rate.
If at the reporting date, say Sep 30, the rate is now 1.14, you don’t change the gain/loss to suit.

The exception is where valuations rather then transactions occur - consolidations etc.

For the transaction, yes, but not for period-end reporting. In @Brucanna example, let us assume that the transactions have occured at the appropriate rate (say, 1 AUD = 1 USD). Say, after that transaction, there was USD 1,000 left in the foreign bank account. At THAT date, USD 1,000 would equal AUD 1,000. Now let us assume that we are six months down the track and nothing more has been transacted on the US bank account. If the exchange rate was now 1 AUD = 0.50 USD, then the balance reported in the Balance Sheet would need to be AUD 2,000. If ONLY the transaction was taken into account, how would this happen without a “currency table” to record the appropriate rates at the end of each reporting period? @lubos

As I said - The exception is where valuations . . . . occur.
Here, you are only revaluing the US$ funds held in terms of the local currency which is a completely separate event from the transaction.

Via a balance day (end of reporting period) valuation adjustment Journal Entry.

The Manager Exchange Rate feature is for actual transactions as they occur, not for unknown future dated valuation purposes.

@Brucanna But a “balance day valuation adjustment Journal Entry” implies a MANUAL process. At the moment, using the Exchange Rate feature, Manager DOES perform the valuations correctly. My original request @lubos was for an automated upload facility to speed up the entry of daily exchange rates. Everything else in relation to foreign exchange seems to work well. By removing the ability to input daily exchange rates would IMHO be a huge backward step as that would (presumably) require MANUAL calculations and input of journals. At the moment, all I need to do is enter a daily exchange rate … far simpler. An automated upload would be better as it would allow for previous exchange rates to be quickly uploaded; but the current methos would be better than having to do all the valuation calculations manually.

Hi all!

Specific exchange rate for transactions, may be useful if you have mutliple transactions during one single day at different rates (maybe because you trade with different bank or currancy traders or trade in different moments during the day).

BUT, the historical log of rates MUST remain for reporting purposes. Most of us use it for valuation purposes at the month-end, but in some rare occasion, you may need (or maybe you just want to :slight_smile: ) for a different day. In fact, having this historical is useful for those who are ‘forex intensive’ business to have an updated valuation of assets and liabilities in forex in the Summary.

Yes, because there is no actual transaction to record - just a valuation adjustment for a particular day.

The point that I am trying to make is that everything works correctly at the moment. The only thing one is required to do is to enter a single exchange rate (for each currency) on a regular basis to ensure that the valuations at period-end are accurate. I was hoping for an automated process for bulk uploads @lubos but if that isn’t possible then the current system (which handles valuations etc automatically) would be better than having to manually calculate valuations and input a journal.

I recall that at some point there was a discussion of having Manger to automatically get exchange rates from some online service provider (like What is the present thoughts about this…?

Could a possible solution, that would allow flexibility for most users, be to add (in settings/exchange rate) an option to ( a “tick”) to use “online rates” rather than (the default) manually entered rates (as today). That would leave everything “as is” for users that are OK with the present system, but an option for those that want this process automised.

When using the “online rates” option, I suggest it would be good to allow for various frequency, like “daily”, “weekly” or “monthly” online imports of exchange rates (as some users may feel the general ledger gets cluttered with to many small exchange rates entries with too frequent updates while others may require close to “real time” rates.)