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Posted to dev@fineract.apache.org by za...@intrasofttechnologies.com on 2021/06/05 21:34:36 UTC
Multiple Currency Financial Reporting
Devs,
I am not sure if anyone in the community has successfully achieved this.
We have a client who uses 2 currencies, this is what we have done:
1. Configured the 2 currencies in Admin >> Organization >> Currency
Configuration
2. Setup products for each currency, one product has currency in
multiples set as 1 and another set as 4 (assume this is the exchange rate).
3. Linked each product with its GL accounts.
We have noticed that when we view both customer account and financial
reports the product with currency in multiple of 4 shows same balance as the
one set as 1.
This means the currency in multiple of doesn't work as what we expected it
to do.
Could there be any who is successfully using Mifos X with multiple
currencies? How do you handle financial reporting of the different
currencies.
Or could there be a workaround or a solution to set up exchange rate and we
get the accounting reports show figures in the base currency?
Base currency is the one set up as 1.
Regards;
*******
Zayyad A. Said | Chairman & C.E.O
Cell No.: +254 716 615274 | Skype: zsaid2011
Email: <ma...@intrasofttechnologies.com>
zayyad@intrasofttechnologies.com
Schedule Meetings: <https://calendly.com/zayyadsaid>
https://calendly.com/zayyadsaid
RE: Multiple Currency Financial Reporting
Posted by za...@intrasofttechnologies.com.
Hi,
I see a ticket was raise in JIRA for this functionality, not sure if there is anyone working on it?
https://issues.apache.org/jira/browse/FINERACT-91
Regards;
*******
Zayyad A. Said | Chairman & C.E.O
Cell No.: +254 716 615274 | Skype: zsaid2011
Email: <ma...@intrasofttechnologies.com> zayyad@intrasofttechnologies.com
Schedule Meetings: <https://calendly.com/zayyadsaid> https://calendly.com/zayyadsaid
From: V G <vg...@gmail.com>
Sent: Sunday, June 6, 2021 11:45 AM
To: Zayyad A. Said <za...@intrasofttechnologies.com>
Subject: Re: Multiple Currency Financial Reporting
I think you need to optimise the queries and select the amount in the multiples of the Exchange rate. This need to be done into the reports that need conversion.
As per fineract there is no conversion between the currencies only the it's supports multiple currencies so that loans, savings etc can be having multiple currencies.
On Sun, 6 Jun, 2021, 2:07 pm , <zayyad@intrasofttechnologies.com <ma...@intrasofttechnologies.com> > wrote:
Hello V G,
Thanks for your response.
So how can we achieve multiple currencies in Mifos X and to convert to base currency in accounting reports?
Regards;
*******
Zayyad A. Said | Chairman & C.E.O
Cell No.: +254 716 615274 | Skype: zsaid2011
Email: <ma...@intrasofttechnologies.com> zayyad@intrasofttechnologies.com
Schedule Meetings: <https://calendly.com/zayyadsaid> https://calendly.com/zayyadsaid
From: V G <vganesh.pokuru@gmail.com <ma...@gmail.com> >
Sent: Sunday, June 6, 2021 10:43 AM
To: Zayyad A. Said <zayyad@intrasofttechnologies.com <ma...@intrasofttechnologies.com> >
Subject: Re: Multiple Currency Financial Reporting
Hello Zayyad,
Currency in multiples of will be used for while creating the repayment schedule and accepting the payments. The amounts will be rounded in multiples of 4. This configuration cannot be considered as exchange rate.
Thanks
V
On Sun, 6 Jun, 2021, 3:05 am , <zayyad@intrasofttechnologies.com <ma...@intrasofttechnologies.com> > wrote:
Devs,
I am not sure if anyone in the community has successfully achieved this.
We have a client who uses 2 currencies, this is what we have done:
1. Configured the 2 currencies in Admin >> Organization >> Currency Configuration
2. Setup products for each currency, one product has currency in multiples set as 1 and another set as 4 (assume this is the exchange rate).
3. Linked each product with its GL accounts.
We have noticed that when we view both customer account and financial reports the product with currency in multiple of 4 shows same balance as the one set as 1.
This means the currency in multiple of doesn’t work as what we expected it to do.
Could there be any who is successfully using Mifos X with multiple currencies? How do you handle financial reporting of the different currencies.
Or could there be a workaround or a solution to set up exchange rate and we get the accounting reports show figures in the base currency?
Base currency is the one set up as 1.
Regards;
*******
Zayyad A. Said | Chairman & C.E.O
Cell No.: +254 716 615274 | Skype: zsaid2011
Email: <ma...@intrasofttechnologies.com> zayyad@intrasofttechnologies.com
Schedule Meetings: <https://calendly.com/zayyadsaid> https://calendly.com/zayyadsaid