Feature Request: Convert to transfer across currency
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rsouthgate
- Posts: 6
- Joined: 29 March 2009, 22:33
Feature Request: Convert to transfer across currency
I have a GBP and NZD account and transfer money between the two. It would be nice to be able to use the convert to transfer on these and have iCompta figure out the exchange rate used on the transaction too. Just a little thing, but would help me out!
Re: Feature Request: Convert to transfer across currency
I have the same problem with several currencies and have made an interim solution by creating a 'transfer' account for each currency - in whatever the currency might be (eg AUD-a/c in AUD - if my base currency were GBP, say). I then make a charge to that transfer account and subsequently make a transaction transfer to the appropriate base currency account - in the 'foreign' currency. There is, however, a snag which I will explain.
If the transfer is made from the 'transfer-a/c' to the base currency then it has to be in the foreign currency amount - and, after the transfer transaction is entered, the direction must be reversed. This works and produces the correct numerical result in the base currency account. If, with the foreign currency account open, you attempt a transfer to the foreign currency from the base currency, it attempts to transfer the numeric figure while inverting the exchange rate in the calculation leading to the incorrect value in the base currency account.
I have found this very useful as, when I reconcile a base currency account, it gives me the actual exchange rate used - possibly including an exchange charge - which when I modify the base currency account during reconciliation makes the transfer account show the value of any such charges automatically.
If the transfer is made from the 'transfer-a/c' to the base currency then it has to be in the foreign currency amount - and, after the transfer transaction is entered, the direction must be reversed. This works and produces the correct numerical result in the base currency account. If, with the foreign currency account open, you attempt a transfer to the foreign currency from the base currency, it attempts to transfer the numeric figure while inverting the exchange rate in the calculation leading to the incorrect value in the base currency account.
I have found this very useful as, when I reconcile a base currency account, it gives me the actual exchange rate used - possibly including an exchange charge - which when I modify the base currency account during reconciliation makes the transfer account show the value of any such charges automatically.