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Currency receipt and exchange rate problem
03-19-2013, 10:04 PM
Post: #1
Currency receipt and exchange rate problem
Hi,
I've just realised there is a glitch with the currency gain/loss account. Here is the sample receipt of foreign currency (EUR) into foreign bank account (EUR), functional currency GBP:

Dr Cr
Euro Account 2,453.59
Sales Ledger Control 3,668.10
FX gain / loss 1,214.51
Sales Ledger Control -3,668.10

First line is correct as 3,000 euros were converted into GBP at 1.2227 (3,000 / 1.2227)
Second line is wrong as system took 3000 euros x 1.2227 = 3,668.10
Third line is just a difference between two lines above
The last one - I can't understand at all.

My understanding is that system should use the same formula as in the first line and without any additional postings. Invoice in foreign currency was paid in foreign currency into the same currency bank account. There is no gain/loss involved as no conversion took place.

Any thoughts on this?

Thanks
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03-20-2013, 06:00 AM
Post: #2
RE: Currency receipt and exchange rate problem
Hi Costa,
Just a couple of clarifications before I go looking at the wrong thing... these issues are quite tricky to explain and examples are the best way to see the snag.
What version are we looking at?
I did do some work a little while ago on this but I can't see a reference in the change log - so may have forgotten that.
It would be really nice if you could repeat this on the demo at http://www.weberp.org/weberp/ and point me to a URL?
We are looking at "nominal" Bank account receipts without a customer account being selected I assume.
Thanks for reporting

Phil Daintree
webERP Admin
Logic Works Ltd
http://www.logicworks.co.nz
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04-02-2013, 06:47 PM
Post: #3
RE: Currency receipt and exchange rate problem
Hi Phil
I am on 4.09 and this issue appears when I enter receipts from the suppliers in different currencies (no nominal as you assumed).
I will have a look into the possibility to simulate the same in demo version.
Thanks
Kosta
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04-02-2013, 07:14 PM
Post: #4
RE: Currency receipt and exchange rate problem
Yes - as this area changed a bit and pretty sure all is well in the current code. Let me know if you can repeat the problems on the latest code. You may be wise to upgrade.

Phil Daintree
webERP Admin
Logic Works Ltd
http://www.logicworks.co.nz
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04-06-2013, 02:17 AM (This post was last modified: 04-06-2013 02:18 AM by kosta.)
Post: #5
RE: Currency receipt and exchange rate problem
I have just tested a bit and here is what I got in the demo:
http://www.weberp.org/weberp/GLTransInqu...TransNo=43

I have also narrowed it down in my system - it is happening once I click Process Allocation (CustomerAllocations.php)

The journal in the above example resulted on the receipt value moved into exchange account:
Date Period GL Account Debits Credits Description Posted
05/04/2013 April 2013 Petty Cash 1,646.21 No
05/04/2013 April 2013 Accounts Receivable FXBUG 1,646.21 No
05/04/2013 April 2013 Sales Exchange Gains/Losses 1,646.21 No
05/04/2013 April 2013 Accounts Receivable FXBUG 1,646.21 No

If you could have a look into this would be much appreciated.

Thanks
Kosta
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04-06-2013, 04:08 PM
Post: #6
RE: Currency receipt and exchange rate problem
OK ... customer FXBUG (or not) is defined as denominated in GBP

http://www.weberp.org/weberp/Customers.php?DebtorNo=61

Looking at GBP currency rate 0.0000 GBP = 1 EURO

so when we look at the sales posting made when we sold 1 unit of the item code *47_1 @ GBP 1,000 = the total EUR posting to sales was ZIP - see:

http://www.weberp.org/weberp/GLTransInqu...TransNo=73

Now the receipt GBP 1,000.00 = 1EUR 1646.21

Since the invoice was entered at an exchange rate of 0 and the receipt at a very different exchange rate then we can expect the entire receipt to be treated as an exchange difference

HTH

Phil Daintree
webERP Admin
Logic Works Ltd
http://www.logicworks.co.nz
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05-03-2013, 05:55 PM
Post: #7
RE: Currency receipt and exchange rate problem
After various tests in my installation (4.09) it seems the bug in CustomerReceipt.php was fixed in the newer version. The problem was in the receipt entry as system took reverse fx rate 1/rate to functional currency. I guess this thread can be closed now as SOLVED in the trunk.

Kosta


(04-06-2013 04:08 PM)phil Wrote:  OK ... customer FXBUG (or not) is defined as denominated in GBP

http://www.weberp.org/weberp/Customers.php?DebtorNo=61

Looking at GBP currency rate 0.0000 GBP = 1 EURO

so when we look at the sales posting made when we sold 1 unit of the item code *47_1 @ GBP 1,000 = the total EUR posting to sales was ZIP - see:

http://www.weberp.org/weberp/GLTransInqu...TransNo=73

Now the receipt GBP 1,000.00 = 1EUR 1646.21

Since the invoice was entered at an exchange rate of 0 and the receipt at a very different exchange rate then we can expect the entire receipt to be treated as an exchange difference

HTH
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05-28-2013, 07:55 PM
Post: #8
RE: Currency receipt and exchange rate problem
Hello,

I have another problem with the Currency-Board. It just doesn'T update the data for the ecb-rates. Update automatically is enabled. And whenI change it to "manually" I have no idea where to put in the rates. I don'T find a field for that in the edit option nor in the data table of currencies. Please help.

Sorry I also posted this in the developer section. Don't know which one fits here.
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