@lubos i am new to use Manager and i am using for my personal small scale business, i have done some investments and have a loan account which are not in base currency. I have set them up as foreign currency GL accounts in the Chart of Accounts, Now i know how to enter transactions for these accounts in foreign currency using GL entries, but my query is how do i input the opening balances in foreign currency in these accounts?? secondly how can i see the ledger for these accounts in foreign currency??
@lubos also is the present version capable of maintaining balances in foreign currency, i mean can we see a trial balance in foreign currency?? can we create a report for trial balance in foreign currency??
Only certain accounts can be denominated in foreign currencies. In general, these will be the subsidiary accounts such as customers, suppliers, cash accounts, and bank accounts. Set their starting balances when you create or edit them:
Your foreign loan account can be set up as a bank account and then assigned to a custom control account in the Liablities group. Setup will be basically like setting up a credit card as defined here: https://www.manager.io/guides/7035.
Ordinary balance sheet accounts are all denominated in your base currency.
Trial balances cannot be viewed in foreign currencies. Foreign accounts are converted to base currency. The entire point of a trial balance is for things to balance. If they are in foreign currencies, they cannot.
@lubos Dear Lubos, there is no intention to divert topics, by the way the questions were completely related because the other discussion started about the general ledger report ability to show foreign currency in addition to base currency specially in case of loans in a foreign currency.
The question about the opening balance also came up because i wanted to see these accounts in foreign currency.
thanks for the link to set up credit cards, i will set up the loan accounts also as bank accounts,
since the ordinary balance sheet items can only be in base currency, i will try to open all the accounts that i want in foreign currency under banks, customers or suppliers
the only thing that i am still searching for an answer is how to see the general ledger in foreign currency even for a bank account. I have put the starting balance in foreign currency, when i try to see in reports i only see base currency values.
I failed to understand the option you gave to use special accounts in the other discussion.
You cannot, because that would not make accounting sense. In the general ledger, assets must equal liabilities plus equity. Therefore, all must be converted to the base currency based on exchange rates. If you want to see foreign-denominated accounts in their foreign currencies, you must look in the tabs, such as Bank Accounts or Customers.
Thanks a lot…in the tab i can see the foreign currency balance
movement…i have created all my investments and loans under the bank
accounts and its working very fine, the way i need
