[CK-Ledger-users] Re: CK-ledger

[C K Wu <ck...@ho...>]

Hi, Joseph,

Well.  It's another enhancement to be implemented then.

Cheers,
CK

Joseph wrote:

>Hi Wu,
>
>Yes, this would be in ideal situation as it is easier to track the
>entries in their original amount.  In addition if the bank will make an
>additional charge, I don't know if it is part of the exchange or some
>entry that shouldn't be there.
>
>On Sun, 2003-11-16 at 06:49, C K Wu wrote:
>  
>
>>Hi, Joseph,
>>
>>I think the gest of the matter is while the ledger reports have to be
>>in CAD, you need to retain the original USD amount for your other
>>operational processing, say bank reconciliation, reference to past
>>billed amount, etc, etc...
>>
>>    
>>
>[snip]
>
>  
>
>>Ideally, to retain the original foreign currency (FC) amount, there would be a separate set of journals being fired off in parallel,
>>
>>For the vendor invoice,
>>Dr	Inventory, USD		100(USD)
>>Cr	A/P, USD		100(USD)
>>
>>For the payment,
>>Dr	A/P, USD		100(USD)
>>Cr	Bank, USD		100(USD)
>>
>>Thus, the original set of account will be used for ledger reporting, while the
>>[xxx, USD] accounts will provide info for your other processing that requires 
>>the original FC amount.
>>
>>    
>>
>Yes, and the exchange portion for all these accounts should be recorded
>in extra some kind of exchange accounts.
>I think the same situation would apply if the sale is in USD:
>Cr 	Inventory     100USD
>Dr	Sales		100USD
>
>and exchange again recorded separately.
>
>  
>
>>This is the way some traditional accounting packages handle FC.  If this solves
>>your problem, it could be scheduled as enhancement for a future release.  But,
>>I don't know when it will be ready, given the long list of future enhancements
>>already on hand.
>>    
>>
>
>For example even QuickBooks didn't design it correctly.  I've talked to
>one business in Edmonton that use QuickBooks as well and they manage it
>by keeping too sets of Books one in USD and one in CAD; for company that
>has Inventory like us, it is not possible to have two sets of books; so
>we manage with the help of "Class".  Every transaction is either Class
>USD or Class CAD and it is a pain at the end of the year to make a
>Balance sheet.
>Linux is gaining grounds and there are a lot of unhappy Intuit customers
>wanting to switch.  
>
>  
>