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1

How to work with currency conversion (multi currency)?

By
Anirudh Lou
on 7/15/15, 3:33 AM 700 views


Does anyone can explain to me what is the process for currency conversion (multi currencies) both for sale and purchases? I installed sale, purchase_requisition, and account module. Here is what i did so far:

A. I used PHP as my base currency

B. I made transaction on Supplier Invoices and select currency as USD

On my currency, i modified, w/c i am not so sure if my modification is right, PHP's current rate is 45.22000 and  USD's current rate is 0.02211, since 1 US Dollar is equivalent to 45.22 peso and 1 peso is equivalent to 0.022114 US Dollar.

On my transaction above, the cost price of my product is 980.00, set Quantity into 1.000, and select a 12% purchase tax. This yields to Subtotal of $ 21.6 and Tax of $ 2.6 with a Total of $ 24.27

What annoys me now is that when i checked my Journal entry its journal items registered as follows:


 Invoice              Name     Partner      Account     Due Date     Debit      Credit       Amount     Currency     Tax Account ...

EXJ/2015/0004 / Sample 120000 07/15/2015 0.00 49628.71 -24.27 USD
Supplier Creditors

EXJ/2015/0004 Purchase Sample 110300 5316.63 0.00 2.60 USD Tax Paid
Tax Supplier Tax Paid Rate O
(Out of
scope)

 EXJ/2015/0004 [12345] Sample 220000 44312.08 0.00 21.67 USD Taxable
Tax Supplier Tax Paid Purchases
Type O
                                                                                                                     (Out of
scope)


My questions are:

1. Does the result correct? What i expect was my credit would be 1097.49 (24.27 X 45.22), my 2 debit would be 117.57 (2.6 X 45.22), and 979.9 (21.67 X 45.22).

2. Is it possible that from invoice to journal entry Debit, Credit, and Amount are converted according to the base of currency of the Company as well as the currency symbol?

Any help or explanation is highly appreciated.




2

Zura Tsiklauri

--Zura Tsiklauri--
858
| 5 2 6
Tbilisi, Georgia
--Zura Tsiklauri--
Zura Tsiklauri
On 7/15/15, 5:45 AM

Hi;

Since PHP is the base currency, u should set 1 as a rate as 1 PHP = 1 PHP. As u set the rate as described in example,  the program divided 45.22000 to 0.022114 and used it as a rate: 45.22/0.022114 = 2044.8584 and as a result: 24.27 x 2044.8584 = 49628.71 .

Thank you for your answer but what currency's rate should i set to one. is it USD or PHP?

Anirudh Lou
on 7/15/15, 5:51 AM

Yeah, thanks again sir for the help it works. :)

Anirudh Lou
on 7/15/15, 6:07 AM

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Asked: 7/15/15, 3:33 AM
Seen: 700 times
Last updated: 8/15/15, 4:50 AM