Multiple Currency, Foreign Currency Question

Discussion in 'Microsoft Accounting' started by MAPV, Aug 15, 2007.

  1. MAPV

    MAPV Guest

    I have read all the various threads on this topic, but I am not clear on the
    mechanism provided for multiple currencies in MS Accounting 2007 (small
    business or pro or whatever).

    Here is my question:

    We are a US Based company and USD is our main currency. HOWEVER, we also
    have a Euros bank account and a GBP bank account. We bill clients in Euros
    and receive funds in Euros. Is there a way to account for these various
    accounts in this program? For example, put in the exchange rate for the day
    the wire transfer came through, and MS Accounting will track it that way?

    I am unclear from the posts I've read if what I just described is how it
    works, or if you are only able to bill in the foreign currency, but receive
    the funds in dollars?

    Thanks!
     
    MAPV, Aug 15, 2007
    #1
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  2. MAPV

    whiterabbit Guest

    did you find your answer? I'm curious about this too.
     
    whiterabbit, Aug 30, 2007
    #2
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  3. MAPV

    Lance [MSFT] Guest

    Currency restrictions in office accounting

    The customer or vendor can only have transactions in a single currency.
    You set the currency for the vendor or customer on the vendor or customer
    account. Once you've entered a transaction for that vendor or customer, the
    setting cannot be changed. If a customer or vendor does pay you in multiple
    currencies, you would need to create a second customer or vendor account for
    that customer or vendor.

    Bank accounts also have a currency setting. A foreign currency payment can
    be made or deposit to either a home currency or a foreign currency account.
    A home currency payment must be done from a home currency account. Funds may
    be transfered between home currency and foreign currency accounts.

    For reporting purposes all transactions are valued in your home currency,
    but there is usually a second column for foreign currency value too. The
    home currency value is computed using the exchange rate set at the time you
    save the transaction. The exchange rate value is copied onto the transaction
    form from the rate table for the currency, but it can be changed on the form
    before you save it. Whatever it is set to at the time the transaction is
    saved determines the home currency value.

    When you make a payment on a foreign currency bill, or accept a payment on a
    foreign currency invoice, if the exchange rate for the payment is different
    than it was for the bill or invoice you will incur either a gain of loss on
    currency due to the exchange rate different. The exchange gain or loss will
    be posted to the gains (or losses) in currencies accounts. The gain or loss
    in computed by comparing the home currency value of the invoice or bill at
    the time it was entered with the home currency value it has with the exchange
    rate from the payment.

    Hope this helps

    This posting is provided "AS IS" with no warranties, and confers no rights
     
    Lance [MSFT], Aug 31, 2007
    #3
  4. MAPV

    FerOwnele

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