How to automate currency convertion gain/loss when money moves from USD account (PayPal) to domestic currency account (local bank)?
I accept payments via PayPal in USD (have a webshop, not based on Odoo e-commerce). Once ot twice a month, I withdraw some amount from PayPal to my local bank. PayPal converts USD to my local currency (say, ILS), I have an ILS account in my local bank.
I use multi-currency setup in Odoo 8. Main currency ILS, second currency USD. I can't find a way to calculate currency converting gain/loss.
I sold X for $100 on Nov 5. It would be 350 NIS for this day ($1 = 3.5 ILS). Then I sold Y for $200 on Nov 10. It would be 800 ILS because the rate has changed ($1 = 4 ILS). Then I withdraw $150 from PayPal on Nov 25 and got 450 ILS in my bank, because now $1 = 3 ILS. Since for my tax authorities the payment value is in my local currency (ILS), there is some loss since the rate is lower now.
In Odoo, the invoices and PayPal payments are all in USD. How can I write an entry for the moving/converting from PayPal ($USD) to my local bank (ILS) such that the loss wil be automatically calculated and inserted in some account?
Please try to give a substantial answer. If you wanted to comment on the question or answer, just use the commenting tool. Please remember that you can always revise your answers - no need to answer the same question twice. Also, please don't forget to vote - it really helps to select the best questions and answers!
About This Community
|Asked: 11/13/14, 5:20 AM|
|Seen: 657 times|
|Last updated: 3/16/15, 8:10 AM|