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Cash Accounts in other currencies

edited Jun 15, 2010 6:26PM in Accounting / ERP 3 comments

I'm at a loss to correct what seems like a minor issue, but it's annoying...

We have 3 cash accounts (main one is USD):
Cash in Bank
Cash in Bank - Euro
Cash in Bank - GBP

When we list accounts, the balance has been negative for quite some time...That's the annoying part...I'm pretty sure the culprit is the exchange rate used on the transactions...instead of a current rate.

For example, if looking at Cash in Bank - Euro:

Deposit on 1/1/2005 is 10,000 Euro at 1.20 that's $12,000
Payment on 1/1/2009 is 10,000 Euro at 1.40 that's $14,000  Thus, the balance shows a negative $2,000 with a zero Euro balance.

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