Hi I m trying to turn off the Automatic currency gain (loss) adjustment it just mess everything up in my accounts and same for my wife buisness.
Where can I do that, I understand how it works but I do not want it to do what is doing. Help please
Thanks
Currency gains and losses will always show if you use two or more currencies.
The gains/losses will not show if one currency is equal to another currency. E.g £1= ¥1. Constantly
Automatic currency gains (loss) adjustments are required because if your accounts are kept in different currencies, there needs to be mechanism to accommodate for currency fluctuations to keep your books in balance.
What accounts do you maintain in foreign currency? Bank accounts? Customers? Suppliers?
all of my accounts are in different currency that is why I do not want it, I do the accommodation of currency manually the numbers I get on the software are confusing and not up to date. My coworkers have alaways problem too.
So there is no way to turn it off??? Does anybody here knows if others accounting software has the option??
Thanks
To turn it off, make all currencies equal to your base currency. Eg, if your base currency is $ and you have 2 more £, ¥.
Then set them to be equal with them.
$ 1 = £1
$1 = ¥ 1
What do you mean by this? Do you use multi-currency or not? What is your base currency? Do you have any accounts in other than base currency?
Thanks for the help but I just need to turn it off, as I told you before I understand how it works and I do need it to turn it off. If is not possible it s fine I will find a different solution .
Thanks
@luca1 , you may use the suggestion I made above. But please understand, gains and losses in currency are needed to complete accounting entries. If you enter currencies with different rates, you wouldn’t be able to stop the application from calculating gains and losses. Manager reflects true economic position of your organisation.
If you really understand finance and accounting you wouldn’t want to turn it off, turning is off means hiding a gain or loss. The only time this doesn’t happen is when the currencies are equal. E.g when you set 1£ = 1$ , this will mean no gains and losses but that wouldn’t be economically true, and may have serious implications for a company because you may be making losses you aren’t aware of and making gains you are not aware of too.
I m sorry but you do not understand how exactly accounting works,or the software work. As I have try to explain on the first message the exchange are performed manually, Because the software does not perform well exchange rates change daily and the software does not update the exchange rates daily plus when you alter the exchange rate manually it just change everything like this losing the past records of past exchange,that causing problem in the account.
I m not looking for an accounting lesson or a teacher that tell me how to run my account, I was just trying to have some help solving a problem, obviously I can not get it here. My question was simple can I tur it off? The answer is no, I will look for a software that can.
Thank you
@luca1 instead of altering or editing the rates, you must create a new one. Manager will use the most recent exchange rate entered and apply it in your accounts so a record of exchange rates is kept. Click on New Exchange Rate
@lubos can there be a field where users can leave a small note/description after entering exchange rates? This can help keep a track of the source of information and even time, this is becaus there are times exchange rates changes many times in the day. An example of the note is;
Source OANDA currency conversion, time 3:40 am.
@luca1, you never answered the questions as to whether you are actually using multiple currencies. If you only use a single currency, no matter what it is, the currency gains/losses will not come into play. But if you do, you cannot turn it off, nor should you.
@luca1 - the answer to your question “turn off automatic currency adjustment” was answered by @Abeiku when they advised that you just make all currencies equal 1 for 1, then you can “do the accommodation of currency manually” to suit the transaction. This way your accounts will still reflect the appropriate gains/loses but without the use of Manager’s automatic feature.
What @Abeiku also advised was that you should be using “new exchange rate” instead of “altering/editing rates” when there is a change of rate as Manager uses the latest rates and then all of your previous transactions wont be affected. However, by “altering” rates as you noted you were doing above will cause your previous transaction to change which was why you were experiencing “it just messes everything up in my accounts”
Therefore, if you use the Manager software correctly you will get the right result every time, however, incorrect or uninformed use will cause things to go wrong. So you have the option - manual or automatic - but thousands of other Manager users are doing exchange rates on a daily basis without incurring your issues, because they have learnt the proper (correct) use.