In multi-currency accounting, Manager allows to input in different currencies (base and foreign currencies), with reports in base currency.
In a multinational environment, it would be nice to be able to convert base reports into another currency, just for reporting or information purposes.
- a UK company has as base currency GBP, but may have documents in GBP, EUR, and USD.
- all generated reports will be in GBP (as this is the designated base currency)
if you add in reports the option to select any currency and end of period exchange rate, this would allow us to generate a base currency report, which is then converted (just the report totals, not the info itself) into any other currency.
I have GBP base currency reports from GBP, EUR, USD transactions, but if I would have a field named “Free currency” and “free exchange rate” in reports, then teh report totals would be converted by that exchange rate and It would allow me to print reports in Swiss francs, or whatever other currency.
Useful for :
- Investors or shareholders that are used to another currency than the base currency.
- a multinational whihc has subsidiaries with different base currencies, to get reports from these subsidiaries in main currency of holding company.
This is not a small request, because reports are generated by summing every single transaction that has ever affected the account, customer, etc. during the defined time period, which might be since the business was started. These, in turn, are based on individual line items on transaction forms, each of which was posted to two accounts in Manager’s double-entry system.
If you want such reports, export the ones Manager provides and apply conversion factors to the report itself in a spreadsheet.
You want the reporting to have an option to choose whichever currency and convert the total to that currency. So what happens to all other transactions not posted in that currency. If for instance, your base currency is USD, I assume majority of your transactions will be posted in USD while a few ones will be posted in GBP. Now you run your report and want to be able to display report also in GBP or switch back as you may.
Not forgetting the fact that few transactions were created solely as GBP. Technically I wont dispute if its possible. Accountingwise I feel you would be introducing un-necessary complications. How would you adjust for Exchange rate fluctuations in your reporting, would you have to convert the exchange rate difference arising as a result of Base to Other Currency difference and display in GBP too.
I just feel the reporting in another currency should be done outside the Accounting program itself - ie Manager. Since it is not a typical or required norm in a proper Accounting record.
Answering the 2 responses above :
Yes, this is what I currently do, I export the entire report in base currency into excel, then in the column next to the base currency amounts, i simply convert with a fixed currency exchange value the base currency to the new currency desired.
But it would have been nice to be able to do it during a manager report generation, using the option to do this convertion automatically on the report totals.
all manager reports currently convert transactions of whatever currency into the base currency, using the exchange rates introduced in settings. The end result is a report in a single base currency.
the exchange rate fluctuation would have no effect on this report, as the convertion to another currency is done at end of period rate over the end of period single base currency.
But you are both right, exporting the base currency report and then converting myself in excel doersn’t take a lot of work.
For the rest, manager is still one of the best simple to use accoutning softwares available, proof of which is the fact that this is used on a global level by users in different countries with different accounting and tax systems.
Keep up the good work … accounting is almost fun doing with manager.io (Perhaps I should copyright this expression and sell it to manager.io as a slogan )