From ADC

Currencies processing is fully automated. The only required input is exchange rates. As of version 0.0.2, the processing is implemented only in accordance with International Accounting Standards:

• operations in foreign currency are recognized at the exchange rate on the date of operation (IAS 21.20);
• monetary items are reported at the closing exchange rate (IAS 21.23);
• when operations in foreign currency are settled at a different exchange rate, an exchange difference is recognized (IAS 21.28).

This approach should probably satisfy US GAAP requirements, but we are still to conduct the detailed study.

Rates input

A screen for rates can be accessed from menu Manage -> Rates.

Limitations

As of version 0.0.2, we don't support value recalculation for already registered transactions. This implies two forbidden cases:

• date of each new operation should be equal or exceed the date of the latest rate change;
• the date of each new rate change should exceed the date of the latest operation.

The program strictly enforces both limitation, and should prevent any action, that violates them.

See also

• User Manual TOC