Showing report in both US Dollar and Local Currency (UGX)

1

How do we have two columns for amounts showing US dollar amounts and Local currency (UGX) amounts together on a report?

Or is it possible to instruct the system to report in your set domain currency and then instruct it to make the same report in US dollar currency?

Please Help. Thanks.

2

Can someone help please

3

No, reports are only in base currency

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4

I wish we are helped. Just like the way we are helped to chose the language by clicking on the drop list and chose the language you want, then the reports could also have a drop list option of at least two currencies on top of someone’s base currency.

Manager.io would chose other two currencies like Euro and dollar currencies and put them automatically so that someone can chose to have the report in those currencies on top of his/her chosen base currency.

5

I’m afraid this is not as simple as you are envisioning it.

To begin, currencies’ exchange rates fluctuate on a daily basis and Manager does not update those exchange rates automatically.

But further, even if Manager could update exchange rates automatically, the reports would not be accurate; accounting requires different exchange rates depending on which financial statement you are reporting.

For example, the balance sheet generally requires the exchange rate as of the day of the report, but the equity section also requires historical exchange rates which can go back years. The income statement gives preference to the spot rate of the day transactions occur, but can also use a weighted average of exchange rates from throughout the reporting period. (To say nothing of the cash flow statement).

This means your assets & liabilities, equity, and income statement will all be using various exchange rates…and is also why full foreign currency translation of financial statements often requires professional assistance.

6

Woow, it is indeed tricky.

Thanks for this wonderful elaborate response.

I am considering having where to put the current exchange rate (preferred exchange rate) to apply on all entries at that particular time of report generation.

There is when you have partners who are in a country like USA :united_states: and you are in your home country like Uganda :uganda: but would love to see the report in US dollar currency at that time.

I wish that provision was still made.

Thanks.