Starting Balance Issue

1

It seems Manager can only set base currency starting balance, but our company has multiple currency business, and cannot set up the foreign currency account starting balance for the Balance Sheet account. This leads to much inconvenience, pls fix it.

Thanks.

2

When a company has multiple currency business, and launch the Currencies modules, which allows the user to set up foreign currency exchange rate, there seems the foreign exchange rate for starting balance is ridiculous wrong. It set 1:1 rate by default. that leads to ridiculous foreign exchange gains and losses in the Profit and Loss Statement.

Can we fix this bug?

Thanks.

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3

and this fix rate cannot be changed, for the following transactions, the exchange rate can be flexible as will or traced some outside resource. So, the starting balance exchange rate need to be fixed.

4

Otherwise, if cannot fix this bug in time, pls make foreign exchange gains and losses can be removable for the Profit and Loss statement. Currently, it embedded within the currency module, if you want to choose several currency for your business, it will display in your profit statement automatically.

5

Hello @Eric_Chiang,

What you need to do is the following:

  1. Create Foregin Currencies from Settings > Currencies > Foreign Currencies

  2. Create Foregin Currency accounts under Bank and Cash Accounts, Customers and/or other tabs as needed.

  3. Follow the described procedure for entry of Starting Balances of the accounts in step 1
    https://www.manager.io/guides/starting-balance-for-bank-or-cash-account-list

  4. Enter Starting Exchange rates from Settings > Starting Balances > Foreign Currencies

This should take care of all your starting balances denominated in foreign currencies.

If you still see a foreign exchange differences appearing in your starting financial statements, this could only mean one of two things, either:

  • You have imported exchange rates predating your start date. You can check this from Settings > Currencies > Exchange Rates

or:

  • You have foreign currency transactions predating your start dates. You can check this by drilling down your starting balance sheet accounts one by one.

I hope this helps you with troubleshooting this issue @Eric_Chiang.

Also, I would still recommend @lubos to reintroduce start dates because this will make all procedures relating to start dates easier for user, especially if they are facing issues like this one.

6

Hey @Ealfardan,

Thanks for you timely reply.

I think there still has some problems. According to your procedure mentioned above, we can generate Bank or Cash Account, such as USD bank account or EUR cash account, but not all the Balance Sheet account.

For example, we lend money to our staffs for daily operation, which lead to the chart “Lend to Staff——somebody” in Current Accounts resides in Balance Sheet. This account doesn’t belong to Bank and Cash Account, so cannot establish starting balance in foreign currency.

We need to set up starting balance in Balance Sheet account in foreign currencies. This is our needs.

Thank you.

7

You need to setup a new Control Account as Bank & Cash Accounts and then create a new Bank and Cash account Lend to Staff xxxxx using this control account and the currency you wish to use for this account

You can set the starting balance in the foreign currency
To move money into and out of the Loan account to your businesses bank or cash account you should use the Inter Account Transfer transaction

8

Hey @Joe91

Thanks for your recommendation.

I tried, but seems not worked. We have multiple currency assets, so if manager can set up Balance Sheet item starting balance, that will be much better.