Re: what people would like to see; was (no subject)

What you want is a tax program. Two different things.

Generating financial statements in an arbitrary foreign currency is
impossible to do. You cannot just simply say the exchangerate is 1.5 today
and convert all your amounts. Doesn't work that way. It would require
converting every transaction at the time it was entered. This means that
you would have to keep an exchangerate for all the currencies of interest
plus you have to calculate gains and losses for each transaction.

In any case this is purely hypothetical because it wouldn't even be
allowed. You cannot convert a purchase you've done in USD into an
arbitrary currency. Transactions must always be converted into the
currency you keep your books in.


Dieter Simader    http://www.sql-ledger.org   (780) 472-8161
DWS Systems Inc.     Accounting Software       Fax: 478-5281
=========== On a clear disk you can seek forever ===========

On Mon, 21 Oct 2002, Nicholas Lee wrote:

> On Sun, Oct 20, 2002 at 12:54:33PM -0600, Joseph wrote:
> > > I am in the US so my view may be skewed.
> > > Accounting here is based on the stable currency precept.
> > > That implies books kept in one currency.
>
> End of year reporting issues would require profit reports in the tax
> enviroment a business exists in.  However thats doesn't avoid the fact
> tha a business needs pay bills, cost products, recieve monies in other
> currencies.
>
> Thus a good accounting system needs to be able to generate reports in
> multiple currencies, otherwise its useless.  eg. Consider if you have 20
> different suppliers from 5 different countries and 100+ POs with 150+
> different shipments costed a different exchange rates.   Plus 100+
> customers in 5 other countries.
>
> Having reports in one currency is going to make your life difficult.
>
> I think the main hassle though is when it comes to reconciling bank
> accounts.  Usually its hard enough to do this job, its going to be worse
> if you can't do it in the source currency.
>
> > Someone suggested Compiere:
> > http://www.compiere.org/index.html
> >
> > I just start to looking at it and it is very flexible and might do what
> > we need but there will be learning curve.
>
> Needs Oracle as well.  I don't think the postgressql port is anywhere
> near finished yet.
>
> Mybooks from http://www.appgen.com/index.html is meant to be quite good.
> Commerical though, and not sure it supports multiple currency.
>
> Gnucash have a nicely explain method for dealing with multiple
> currrencies in the GL.
> http://www.gnucash.org/docs/C/xacc-currencyhandling.html#AEN1408
>
>





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