Multiple currency on the same account?

Hi it's been 6 months, I wonder if there's any progress on this issue?

It's the ONLY thing that's stopping me from signing up..

Steve,

This is a very serious issue for my business as well, as I work virtually and internationally. Please get his resolved as soon as possible because it's hurting my business.

So the currency support is only for invoices? Not for bank accounts as was suggested 8 months ago in this thread?

So to clarify, the only way to properly track multiple currencies is to have multiple businesses?

I would seriously suggest revising your "Feature Chart" to note that Multiple Currencies is for invoices only. I hope the feature of a currency associated with a bank account is still planned.

I would suggest an exchange account attached to the bank. Quickbooks has a hidden one that is a pain to adjust etc. Their reports are based on actual cash +- exchange but only show the total. It would be easier to show both actual cash and the exchange attached to it.

The multiple currecncy is a really big problem for my business as well.

I just added some invoices in a currecncy different from my default one, it is ok, i can add it. But the thing is when i try to add new payment in the same currency, it takes this payment in my default currency so everything gets dirty.

I think that if you just add a new drop-down for currency in payment tracking pop-page and just connect this payment with the same currency of the invoice, it will be clear. No need to integrate with bank account for this case. Or do the same thing for bank adding page and create a relation between banks with related payments for the same currency.

ıt is just an opinion.

I really want to use this software, and I will upgrade it from free to monthly subscription but this issue must be solved first..

ouch

i have a workaround on this. the invoice is stated in the secondary currency. and payment is made out in the primary currency. (which make sense in a certain way, as the bank account is of the primary currency)

I have bank accounts in several currencies. £, $, Euro and Dirams.

Would have been great to have the ability to add various bank accounts for different currencies.

I can only imagine the complexities of adding currency exchange to the script. It would domino effect and mess-up the reports and all the things I havn't thought about.

But for every problem there is a solution. Sometimes the simplest solutions are the best.

I am (definitely) no expert but perhaps the following could be integrated to the system to make currency payments work.

- When entering payments to invoices, which are not from the primary currency, make it required to enter the current exchange rate to convert it back to the primary currency. Then it would be just like you entered it into the primary currency and reports would continue to work.

Other ideas:
- Have primary bank account and/or with primary currency
- Change the currency of additional bank accounts
- When manually updating foreign bank accounts, also add in current exchange rate.
- Payment in foreign currencies can only be paid into the same currency bank account(s).
- Create a separate report for all foreign currency bank accounts and transactions.

Despite this little glitch, I am wowified by the script. If ”the guys” would endevour to start planning to support payments in foreign currencies, that would be spectacular ☺

hi,
i havent need the multiple currency option, but some weeks ago we closed a deal with a foregin client, in euros.
so makes me good idea pay for the more accounting plan, (multiple currency, right?]
well, now i can invoice in euros, as well as in pesos, but the little surprise is that when i want to track that payment lessaccounting wouldnt "transform" or ask me what exchange do i use to convert euros to mexican pesos.
so well, i think it doesnt matter too much, i now will change the invoice [only in the system] to mexican pesos and track the payment.

but i think it would be nice to have an option to convert that payment [in euros, or any other currency] to the native currency [mexican pesos in my case]

so by a little operation the system may allow you to have track the payment in the "native" currency and "report" you on which exchange was calculated the day of the payment.
now i will return to the lessaccounting plan, just waiting for more improvements to come.

thank you all

Wow,

Thankyou everyone for posting on this thread, gave me a lot to think about.....kinda confused, since i am dealing with inflow of RMB CDN & EUR and outflow of CDN, US, RMB with multiple legal entities and bank accounts.

Can anyone share their experiences with a similar setup? is the app capable of handling multiple-currencies transactions through the same bank account, and have these transactions between multiple bank accounts?

Thanks.