Working with multi-currency

[tuzim]

I have one doubt in multi-currency:

- What's is your suggestion to me, because I always work with multi-currencies... I go to a trip at least twice in a month, and I use a lot of different currencies on these trips... my default is USD, but i need to control my incoming and outgoing money (sometimes is in EUR, CHF, BRL, HKD and some others)... instead of the software have that two fields to you fill up the rate, don't you think is better has a selection box just after the field "amount" to you select which currency you want to input, and also, a field that automatically fill up the rate used (and this field can be modified to you select different rates) and then, on the report, you would see in which currency you've received the money (or paid it), and with rate was used (the one that the software suggest or the one entered by you)? Or even have two fields of "which currency", to you select in which currency you've received (or paid) and also the one that you want to put on the system?

Just some suggestions... i think can make the software easier to use...

Anyway, after answer my questions above (will be great if you do it =]), you can let me know: to I use different currencies account (as incoming and outgoing), should i use something like:

EXPENSE - CAR RENT (EUR)
EXPENSE - CAR RENT (CHF)
EXPENSE - CAR RENT (USD)
EXPENSE - CAR RENT (BRL)
EXPENSE - CAR RENT (HKD)

EXPENSE - FOOD (EUR)
EXPENSE - FOOD (CHF)
EXPENSE - FOOD (USD)
EXPENSE - FOOD (BRL)
EXPENSE - FOOD (HKD)

INCOMING - SELLS (EUR)
INCOMING - SELLS (CHF)
INCOMING - SELLS (USD)
INCOMING - SELLS (BRL)
INCOMING - SELLS (HKD)

should i use something like this?

anyway, thanks in advance for any answer

 

[stanbusk]

Right now the currency of a transaction is always the currency of the origin account. I am not sure whether the possibility to select any currency is a good idea but I take note.

 

[sevlage]

Any ideas to add such functions? I have payees which pays in USD or EUR depends on situations to different bank accounts. How can I describe this payee in iCash? It always count in default currency. Pretty bad.

 

[stanbusk]

If they pay you they will be on the left side of the transaction, as a result you can set the currency.

 

[sevlage]

Sorry, didn't got you
What does it mean "on the left side of the transaction" ?
Default currency for this account (it set as Income) is USD. Last two month they pay in euro, when I try to set payment in euro, iCash still count it as USD.

 

[stanbusk]

The currency of a transaction is always the currency of the account on the left, the debited account. The accounts can have different currencies but the transaction currency is always the one of the debited account. We add to set a rule for that!

 

[sevlage]

Gottcha.
But not sure its right. Maybe it works for home keeping, but I use iCash for small company (just to keep everything on eye) and got such issue. There are a few such conditions (e.g company charge me in USD, and take fees on EURO) etc. I would really appreciate if it will possible to use multi currency on accounts.

 

[stanbusk]

iCash is used by many many companies worldwide, lots of them with multiple currencies, that includes our company. Indeed we used iCash with multiple currencies and we never had problems. If you have a fee, that is a second transaction. You should create an account like 'Euro fee', set its currency to Euro and then use it in a second transaction. Please let me know if it is still a problem.

 

[sevlage]

Yeah, sure, I did it in that way, add a second income account, call it "company name EURO" and add transactions. Just my opinion its not really good way. It would kinda better to setup multi currency accounts for company and add additional currency field to transaction.

 

[stanbusk]

What do you mean, accounts that are set to several currencies?

 

[sevlage]

Right. In my way its one company which my pay in 3 different currencies. (I solve it like add 3 different companies under one group, but it doesn't really right, e.g it not possible to build report for company)
If it will possible to set multi currency in for company (account) and additional field "currency" in transaction, everything should become clear. IMO.

 

[stanbusk]

That means each accounts would have several balances. I take note of your request.

 

[sevlage]

Well, I'm not agree with you. Everyone have one main currency. iCash already have exchange rates for currencies. I see no problem to have final balance in main currency based on current exchange rate.

Just my penny.