Purchase Invoice spot exchange rates

These are the Journal entries. There is nowhere else a Journal button.

There is Journal button. See:

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Sorry found it!

Shouldn’t there be an option to enable or disable this feature?

I have an issue with some users in the purchasing and payroll departments who used to make purchase invoices/payslips without the need to enter exchange rates, as they have no access to system-defined exchange rates (and won’t be given such access) and the system will show the latest system-defined exchange rate, even if the transaction date is changed to the previous date. Now they have to wait till they get the rates from accounts. The question is, what will happen if no rates are entered in the exchange rate field in purchase invoices, payslips, or any other transaction containing the newly introduced field?

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Even though it looks like I’m fulfilling feature request here, the reality is that exchange rates will need to be captured on transaction level. It’s just a coincidence someone has asked for it.

For people issuing payslips or invoices, they are not really affected. However if exchange rate is not entered or is entered incorrectly, then it would affect account balances in base currency. And that would eventually inflate foreign exchange gains / losses.

I’m working on a solution. One way would be some kind of Exchange Rate Audit report that could check exchange rates across transactions. Anyway, we will figure it out. The goal is to make multi-currency simpler and easier to understand. Not more complicated.

I have noticed that the system is only capturing base currency please look at below

this exchange rate as of june 2023

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This is currency as of

while I have entered counter rate the system still give the old rate as per below

can you please have a look

The dates you show do not match so your conclusion is not verifiable. The SAR = GBP was 8/7/2023 and nowhere does this show in the list of your second screenshot. As for that matter nor does 30/6/2023 as per first screenshot show.

Actually none of the dates you show in the 2nd screenshot list 2023 entries.

it seems to me you didn’t have a look the exchange rate in the purchase invoice which captured the rate as of April 2021. where it should capture the rate as of june 2023 which is the latest

It seems to me you didn’t read the note at the end of the guide Define foreign currencies:

@abdulbari the auto-filling of exchange rate comes from edit screen of Foreign Currency.

There is a field:

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Enter your latest exchange rate into this field. Then try to create new multi-currency transaction.

@lubos Can we have an option where the autofill could be captured from Exchange Rates list or entered manually.

we prefer to have the old set up where exchange rate will be captured automatically from Exchange Rates.

Thanks

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I have instructed my staff members not to create any purchase invoices themselves until further notice. They have enough trouble just remembering to enter the correct date and use the correct tax codes, so expecting them to look up and enter historical exchange rates for each purchase invoice is just asking for trouble. Unfortunately that adds to my workload. Entering the Autofill — Exchange rate in Settings doesn’t help much, as they’ve still got to wait for me to do this (which takes me away from other work), our Reserve Bank website with the rates listings isn’t always quick to access, and we often enter invoices from earlier dates, so using the autofill would give an incorrect rate anyway. I’m really hoping that a workable solution is offered soon.

@GrahamvdR I’d suggest continue to enter those purchase invoices even if the exchange rate is not exactly what it should be. I will be adding a report that will allow you to check for exchange rate in date range across all transactions and batch update those exchange rates if desired.

OK, noted, thank you. It’s still an extra step that we’ll have to remember to do, but I’ll wait until it is implemented and I’ve tried it out before complaining too much!

I know this is work in progress, so I hope this post isn’t premature, but I’ve noticed some behaviour that was unexpected to me.

If I view the exchange rates in Settings, I can see to the right of each rate a count of transactions:

My assumption was that these are counts of transactions using the respective rates. However, drilling down on those numbers reveals that the transactions may not actually be using those rates – they are simply transactions done on that date. Notice, for example, that the USD rate for yesterday, 19/07/2023, was 4,771.3854. But if I drill down on the 6 to view the transactions, I can see that they used the rate from the previous day:

I couldn’t access our Reserve Bank site yesterday to input the rates then, so I have just done it now. So, I understand why the older rate was used, but it seems misleading to have those transactions tallied against a rate that they didn’t use.

Has this been implemented yet? At this stage it’s not going to be a huge amount of work to fix our rates manually, but the number of transactions with incorrect rates is growing every day, so our need for a way to check and batch update will become more and more pressing.

@GrahamvdR the Transactions column shows transactions that are in the scope of that exchange rate. In the latest version, when you drill-down to Transactions column, you can now batch update all exchange rates. No need to be updating exchange rates on transactions one by one.

Thank you @lubos. I like it. I also like the Autofill option in the transaction forms.

Are you planning to implement some kind of report to check all exchange rates at once without having to drill down on the daily Transactions count?

I would like to thank you for this

Capturing the exchange rate at the transaction level is a big step forward, but this is still way more complicated than it needs to be for people like me who just need to pay a few invoices each month that happen to be in USD. My bank works out the correct exchange rate when I pay the invoice, so I’m not making any kind of foreign exchange gain or loss—I’m paying exactly the correct amount in AUD each time. And yet Manager still insists that I manually tell it the ever fluctuating exchange rate every single time.

At least I can do that on the invoice itself now, instead of having to drill down into ‘Settings > Currencies > Exchange Rates’ every single time. That’s an improvement. But I still have to do the maths myself to work out what exchange rate my bank used and enter that manually into the exchange rate field. That’s madness. Make the app do it. It’s a computer program, it’s good at that stuff. All it needs is one little checkbox on the payment screen to do the calculation automatically. (I requested something like this 8 years ago.)

PS: It would also be great if the payment screen would put the invoiced amount in the USD ‘Currency amount’ field and not in the AUD ‘Amount’ field—another thing I have to manually fix on every payment.

It would be nice to have another column to show count of exceptions to the exchange rates.

Also, being able to update transactions of multiple currencies at multiple dates would be a time saver.

If we could do have these, two things, the new workflow would be bulletproof in terms of complying with tax exchange rate regulations.

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