Multiple Currency, Foreign Currency Question


M

MAPV

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!
 
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L

Lance [MSFT]

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
 
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