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In the Cayman Islands we operate in both Cayman Islands dollar (base currency) and US dollars. Despite a fixed exchange rate between the two currencies, banks offer 3 rates depending upon the tender:
Deposits of US$ cash to a CI$ bank account = 0.8 CI$
Deposits of US$ cheque to a CI$ bank account = 0.82 CI$
Purchase of US$ from a CI$ account = 0.84
So if a customer pays an account in CI$ with a US$ credit card, we credit him at 0.8, whereas if he pays by cheque we credit him at 0.82. The simplest way to set this up would be to have different US$ currencies, say US$80, US$82 and US$84 but from what I see NAV only permits a bank account to have one currency so we would be unable to make deposits from these three currencies into one bank account. Am I correct with this assumption?
Regards
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Hi there,
it boils down to different exchange rates by transaction type between USD and local currency (currency code is empty). If you don't care for the currency code in the bank ledger entries (and in the customer ledger entries, too), Erik's suggestion is the right one. Create your three currencies for the transaction types, set the exchange rates accordingly, leave the bank currency code blank, and you're ready to post. I tried to find a reason not to do it... except for "style" or "beauty", I see no reason not to do it. It should work as expected. Maybe an explanation / a customization is required for customer statements, but this should be doable. They are also in CID, right? The only issues I would have is that you should have cross checks for entering a currency code (if they are of the "transaction rate" kind) with the direction of the posting. This I would code in CU 11 or CU 13. Also, you should bar these currency codes for the "Adjust Exchange Rates" batch. So, some minor customizations would be a good idea.
with best regards
Jens
If you don't specify a currency on the bank account card, you can have entries with multiple currencies on a single account. Check "WWB-OPERATING" in the Cronus Company. You might need to add the currency column to a couple of pages to see this.
You would still have to setup multiple US$ currencies.
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