Home Currency Change

I have looked on the forum and done a google search for topics, but not seen one that addresses the following (I might be blind and have not seen something that is right in front of me):

I our country inflation is running at hundreds of percent, maybe even thousands of percent. The currency unit that was 1:1 with the USD in February last year is now 25:1 at the official rate and 50:1 at the real market. I have been running the local unit as my home currency as is required by law and the USD as a foreign currency with a weekly updated rate and this has worked well. Local tax law allows me to deduct the exchange rate gains from my profits since the are mostly the result of delayed payments.

At the end of March the government legitimized the general use of foreign currency, subject to certain restrictions, whereas before one could only transact in these currencies when dealing with NGO’s and the like. It therefore seems only a matter of time before the unit of account will move to the USD since fewer and fewer people will find it acceptable to take funny money instead of real money. This will be the second time this has happened.

Is there a way I can change my home currency without setting up a new company file? I run the server version of you application on a local server and I have paid for a full licence. I note this so that you can know that I am not a freeloader. I am sure other users in my country (Zimbabwe) will be coming to this crossroads too.

If you change the Base Currency of a business, none of the transactions amounts will be changed so the answer is No, you will need to setup a new business.

Well, you could but you would have to translate ALL of your transactions manually or perhaps you could use the batch update facility. But they possibilty of getting everythibg correct would seem remote and would entail a lot of checking.

Don’t think this is necessary. Those transactions happened and they are correct. It’s just that those transactions were recorded in home currency. That is easy to fix by creating the original home currency as foreign currency and then editing all customers, suppliers, bank accounts, cash accounts, employees etc. so they are in this new foreign currency (which was previously home currency). This will make all invoices, payments, receipts, payslips etc. foreign currency transactions without actually editing them.

Presumably then he would have to setup new customers, etc with their currency set as usd so that new invoices, etc could be entered in usd instead of the old local currency

Thank you Joe91 - I think this is what I will do. I only have 2 or 300 customers and 100 or so suppliers, so this would not take long.

It is a bit like starting a new business, except they are both in the one file :grin:

Sorry and thank you to Lubos too

There will likely be a cutoff date so the 2 in 1 will be good

you could probably use the batch create to create the customers and suppliers by doing a batch update to export the existing customers/suppliers and then changing the currency code and name, deleting the key key and using the batch create to add them all

I’d suggest trying this on a test business first, though