Multiple Bank / Currency Accounts

[toast]

How do others handle multiple currencies?

We are a Canadian company with some US customers. The US customer would like to receive bills in US currency.

Would it be possible to have payment links to a separate account? E.g. Checking 1 - CDN, Checking 2 - US. Then at the end of the month we could get a report to put adjusting entries into our accounting software. Hope this makes sense.

Thank you

[K Software]

Billing in two currencies concurrently is pretty tough. It makes reporting almost impossible since the relative values of different currencies change daily.

kBilling doesn't consider currency except to format currency strings, and for that it looks to the Windows Regional Settings. Luckily the dollar symbol is the same for USD/CAD there is no change required there.

The best way to handle it is as you describe - make some notation about the payment being either USD or CAD.

I would *really* love to support this but it's been gone over and over in-house and none of us can think of an elegant way to handle it. With the European Union and the Euro it's getting more and more common to need to bill in more than one currency but we haven't been able to make much progress. If you have any suggestions I'm all ears!

[toast]

That does sound complex.

I think the easiest solution would be to have one distinct bank account for each currency. Then invoices are posted and payments are made to each respective bank account. I suppose all the reports would have to be made in their own currency too. I guess this would turn into almost a separate KBilling file for each currency. But it would avoid any realtime currency tracking.


This would probably be a decent workaround for US/Canada, but for the Euro it may not be so simple.

Hmmm...I need to think about this more.

[K Software]

The US/Canada sharing the same currency symbol really makes it a bit easier to fake, but in reality determining which is Canadian dollars verses American is, well, difficult to say the least!

[dashi2k]

also, is it possible to put "CAD" somewhere on the invoice? just to make things a bit clear.

sorry for being OT here, not trying to hijack the current thread

[K Software]

You could use the invoice title, notes or footer for that..

[lfurlanetto]

Hi,

I Think a good Idea to ADD in Wire Transfer or other Bank pay method in "customer table" to insert Bank Account data.
Is possible in PDF/Printing document to insert fields in invoice.

Attention to EU installation to correct compile IBAN (bak code) with all data
2 digit for country (es: IT, DE, FR...) and the Bank code. if you have time is possible to check the code with the last digit (ASCII CRC) or use international SWIFT code.

[netasia]

For us we do also accept different curreny - SGD (Singapore Dollars) and USD

Luckily both currency uses the same $ symbol too.

Right now we are actually converting USD -> SGD based on a pre-fixed exchange rate to sell our antivirus softwares on our website

Locally our Singapore based business still accept SGD as the main currency to work with