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VT Transaction+

Navigation: Multi-currency accounting

User issues

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Sometimes, users are unhappy with the following aspects of the methods used to record and re-translate currency amounts:

The base entries of a transaction have to be entered at a global rate, and not for instance, at the rate given by a bank for a particular transaction

The base amounts of all currency denominated entries, perhaps dating back some years, are altered every time currencies are revalued

The above points are indeed true, but they do not matter! The objectives set out in the Objectives topic are met, and these meet the requirements of accounting standards. VT Transaction+ could have made it much more complicated (and probably inflexible), but the end result would not be materially different.

To see how multi-currency works in practice in VT Transaction+, please refer to the Multi-currency examples.