DESKTOP EDITION CLOUD EDITION SERVER EDITION GUIDES FORUM

Multi-Currency Temporary Solution


#1

I currently in need of a temporary solution related to multi-currency (as it’s not available yet).
I purchased an elevator in USD and my local currency is in AUD.
I’ve made a payment 25% of the total invoice.
Can you please suggest how should I go about doing it in Manager?


#2

Convert supplier invoice amount from USD to AUD and enter this invoice as Purchase invoice in AUD currency.

The only issue is that if you don’t pay your supplier for long time, the amount owed to supplier will keep constantly changing based on exchange rates. With multi-currency, the system would be automatically calculating this liability and the difference caused by exchange rates would be automatically put into Currency exchange gains / losses account. That’s basically the main point of multi-currency anyway.

Anyway, once you pay 100% of invoice to supplier, you might find out Manager still shows you’ve overpaid or underpaid small amount even though supplier considers invoice being fully paid. This small amount is your currency exchange gain or loss. You can manually transfer this amount to Currency exchange gains / losses account.


#3

Great. I’ll do that. Thank you for the fast response. Much appreciated.


#4

Hello. How can you manually transfer the amount to Currency exchange gains/losses account? I have tried to do this through journal entry but I cannot find the Currency exchange dropbox. Thank you


#5

You can’t directly debit/credit this account. Manager will automatically calculate exchange gains/losses and will post relevant amounts in it.

Keep in mind, this thread is from April when Manager didn’t have multi-currency yet. Now that it has multi-currency, this workaround is irrelevant.

See guides on how to use multi-currency: http://www.manager.io/guides/multi-currency/


#6

Yes I’ve noticed that but I thought in case you do it manually perhaps you can log it. I did not use the multi currency as I do not use purchase orders and payment was in 3 instalments along with import duties and vat on last invoice. I did everything using the bank rate (at time of each payment) directly to euros but now I have the difference of 8.19 euros from the currency. Is it anyway to log this differently or I have to redo everything using that? Can It go into expenses or something?


#7

You can, if you don’t want to use multi-currency in Manager, you can still create custom expense account FX gains/losses under your Chart of accounts and make entries to it.


#8

Brilliant. Thank you Lubos!