Firstly, thank you for putting in so much effort to design an accounting software that is so user friendly. I’ve never seen anything close to Manager. It’s simply awesome.
My question: my base currency is USD and all my Goods & Services Tax related transactions are in SGD. I have a receivable in SGD from the tax authorities. However, unlike other accounts where I can specify the currency under the chart of accounts, I am unable to do so for the tax account, which I believe was automatically created and configured when I added the tax code under the settings option.
How can I enter the SGD receivable from prior year, as the starting balance of this year in the tax account? As far as possible, I would like all inputs to be in their source currency.
How come your base currency is USD and not SGD?
The functonal currency in compliance with IFRS, for my entity is USD. And our presentation currency (used in our financial statements) is also USD (for sake of simplicity and comparability by investors).
Hence, I set the base currency as USD in Manager.
OK, the issue is that Manager doesn’t support foreign currency tax accounts. Tax accounts are always in base currency.
This means, you will need to set opening balance in USD and when you generate GST report, it will be in USD and you should covert it manually to SGD to lodge figures.
Possibly in future, I might add support for foreign currency tax accounts but this is such a niche feature, I don’t even know of any accounting software which does this.
Just wondering. Nobody else here has a requirement for foreign currency tax account? i.e. your functional currency is different from your home currency?