I have set up exchange rates for USD to CAD.
ie; 1 CAD= 1.2689 USD
100 CAD should = 126.89 USD
here is what is happening with my data:
Please help?
Foreign exchange gains (losses)
Opening balance (21,318.33)USD 1.2689 (16,800.64) CAD
Payment 1,585.54USD 1.2689 1,249.54 CAD
Payment 1,049.63USD 1.2689 827.20 CAD
Receipt 675.00 USD 1.2689 531.96 CAD
Receipt (675.00) USD 1.2689 (531.96) CAD
Sales Invoice (1,100.00) USD 1.2689 (866.89) CAD
Closing balance 19,783.16 USD 1.2689 15,590.80 CAD
Foreign exchange gains (losses) 0.01 CAD
Let’s begin with your misunderstanding of exchange rate notation. The CAD is currently worth less than the USD. An exchange rate listed by a bank of 1.2689 means it takes 1.2689 CAD to equal 1 USD. Until you get that right, everything will be reversed and little will make sense.
Beyond that, you need to furnish much more information about what you are showing. This list of numbers doesn’t mean anything unless we know where you got it. And it would be far preferable to post a screen shot.
Thank you for your help. I like the Manager program.
I am not an accountant. I am happy to have your help.
Let us look at the exchange rate matter first please.
1 USD is 1.2689 CAD. $100.00 USD should be $126.89 CAD
To convert 1 USD to CAD at a rate of 1.2689 should be 1.2689 CAD as per the bank of Canada. I should get more CAD when converting from USD. $1000.00 USD at a rate(USD to CAD) of 1.2689 should be 1268.90 CAD. This is how it is shown on the bank of Canada’s website currency converter.
I can’t get a screen shot at this time. I am sorry about that.
Thank you for your help.
Thanks, I now see where I was misunderstood.
Which is your primary currency?
If CAD is your primary currency, you will need to do it in reverse.
1 USD = 1.2689 CAD
means
1 CAD = 0.7881 USD
I calculated this as follows for this example: (1 USD / 12689) * 10000. But you should be able to find the number from the Bank of Canada, no need to calculate it yourself.
This means your exchange rate would look something like this - except, you would have “1 CAD” where for me it says “1 AUD”:
Thank you ShaneAU.
Yes,this is right. I was able to see this.
Thank you for reaching out and helping.