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Account in different currency for daily expenses.

By
Open Alpha LLC
on 11/19/16, 2:39 PM 288 views

Hello All,

We have a bank account in EUR and we use it for payments in EUR.

USD is the company currency.

That bank account is more like an e-wallet and has no expenses. 

We top it up at a specific exchange rate.

When it is empty we top it up again at the specific date exchange rate and so on.

We have configured a journal (EUR) and an account (EUR) for this e-wallet.

For expenses out of this account, we add manual journal entries by (we are referencing the names of fields under "journal entry" form) adding the EUR amount of the expense under "Amount Currency" and defining the "Currency" as EUR.

We notice that there is no auto conversion from EUR to company currency. We define with - (minus) or no sign the credit entry and the debit lines, but in those lines the actual debit and credit amounts are not filled in (they remain zero in all lines)

Is this the correct way to handle the specific scenario?

Any real life feed will be highly appreciated.

Nick


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Asked: 11/19/16, 2:39 PM
Seen: 288 times
Last updated: 11/19/16, 8:33 PM