Re: [CK-Ledger-users] Multicurrency?

[<chi...@ya...>]

Hi, Marc, Robert,

In terms of SME requirements, I think the following
foreign-currency (FOREX) situations will be
encountered,

FOREX vendor invoice
FOREX payment
FOREX customer invoice
FOREX receipt
FOREX adjustment journals
FOREX period end journal to record unrealised FOREX
gain/loss

The last two are perhaps infrequent occurrence that
can be dealt with manually.


For FOREX invoices, I think it is sufficient to
introduce something like,

Currency: [drop-down currency list] Exchange rate:
_______

ie, a single foreign currency for the entire invoice.
It would probably require too much effort if each
invoice line item is allowed to choose a different
currency. The initial default exchange rate is taken
from a FOREX table updatable via Ledger Admin, but
could be override at invoice creation time. The actual
booked invoice amount will be calculated as, FOREX
AMOUNT x Exchange Rate .

For monetary FOREX payment/receipt, a similar
arrangement can be implemented.

The hard part is perhaps invoice matching against
payment/receipt. There are three possible scenarios,

a) X currency invoice can only be settled against X
currency payment/receipt.
b) X currency invoice can be settled against X
currency and/or home currency payment/receipt.
c) X currency invoice can be settled against any
currency payment/receipt.

At this stage, I would incline to go for alternative
a), since it is the easiest to implement and probably
handles majority of cases faced by an SME.

What's your opinion on these ?

Cheers,
CK



C K Wu :


>>Hi, Marc,
>>
>>Yes.  Multicurrency is indeed the next major target.

>>Just about every company
>>here in Hong Kong have to due with two currencies,
the
>>Hong Kong dollar
>>and mainland China's Remibi (RMB).
>>
>>Currently, if any company wishes to maintain
separate
>>books for individual
>>currencies, then the multi-ledger/attribute features
>>suffice.  However, if the
>>effect of different currency transactions is to
appear
>>within one ledger, then
>>major redesign and addition to CK-Ledger have to be
>>carried out.  Let's think about
>>it over this week-end and compare notes early next
>>week and see if we can
>>come up with a design that would fit both the
European
>>and the Asian scene.
>>
>>PS - Sorry.  I should have mentioned that the floor
is
>>open and all comments

>from whatever part of the world are welcome.

>>
>>Cheers,
>>CK
>>  
>>


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