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  • The current screen doesnt allow you to specify when the exchange rate begins - the default is the current date
  • Adding a new exchange rate for the same currency automatically expires the previous one
  • A transaction that occurs on a specific day could use the specific rate but you may not know or input that rate until the following day
  • If you hold an bank account in a currency that is not your main currency then that account needs to be re-valued at the end of each month using the Inland Revenue Department (IRD) specified conversion rate (as is required in NZ)
  • All transactions (eg Income) to the General Ledger in a foreign currency also need to use the IRD rate. The rate is not known until after the end of the month required for re-valuation - so may need some form of currency re-valuation process.??? 

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