Currency for Payments

Hi,

I select EUR currency for a specific vendor, but when I select it in "Payments" the currency keeps on USD.

For Bills it will change, but not for Payments.

Any workaround to make it work please ?

It should switch to EUR and we should be able to choose the change rate.

Thank you in advance.

Hi Guillaume. can you send a printscreen to understand better your issue?

Hi Leonardo,

Actually I just realized that when I change the "Account" for a payment it will change the currency depending on the account's currency.

But then, for example if a Vendor is setup in "EUR" and I pay the invoice with an "USD" account, how should I do it ?

Because the invoice will be in EUR but the payment deducted in USD.

Thank you.

Hi Guillaume, you need to always update the exchange rate first in Condiguration in order to have the right amounts..

If you don't you may messed up the reports.

Does your clients pays you in a specific xrate ou you use the spot rate(xe.com for example?

Hi Leonardo,

So actually me vendor is registered in EUR, so the invoice is in EUR but I received the payment on an USD account so the exchange rate is from my bank.

How do you think I should register this on Akaunting ?

For another company I usually use Journal Entries with a dummy account for that with another accounting system but Akaunting doesn't support multi currencies for Journal Entries. :(

Thank you.

I also find that fixing the exchange rate is fixed and not up to date, which is not in the client's favor.
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Hi Guys.

sorry for the delay. Here it goes my solution:

You default currency should be EURO then.

You must have at least one USD account register.

Update the EUR/USD Rate on Settings > Currencies before register a payment.

Create your customer, with EUR as a default currency.

Create your invoice, and put EUR.

Create a New Payment, Choose the USD account, and put the amount in USD you receive(Make sure the xrate i correct before starting the operation).

If somehow your bank make discounts, we should put the full amount on the invoice, otherwise it will stay on a "Partial" status. Then create a bill with the charges from the bank.

I tested it out here, and it works.

Hope it can fit what you're expecting.

Cheers,

Hi Leonardo,

The problem is that 90% of my customers and suppliers are in USD, to I need USD as the main currency.

I think everything could be managed with Journal Entries, but we can't choose the currency for journal entries, unlike most of the accounting systems.

Thanks.

Hi Guillaume. Then just switch the logic.

Set USD as default currency.

Put a Xrate as USD/EUR.

Create your invoices with Euro(be sure to apply the same rate as your bank on config before saving the invoice)

Register the payment in USD as normal

Ok I will try it, thanks a lot. :)

I'll let you know.