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Jul 10 at 10:03 AM

Exchange Rate issue


Dear Team,

One of our clients has Local Currency set to Eur and System currency to KES. In fixed assets, the client wants to depreciate with the same rate e.g. 130 used in acquisition/capitalization of the asset thus having no exchange rate issues and thus Trial Balance for Euro and KES not having exchange rate variance. The workaround we currently have is to go manually in Exchange rates window and set rate manually, however this is a bit tedious and cumbersome.

In addition, we advised the client to just use Euro to acquire or capitalize the fixed asset although the depreciation which will be done monthly will have rate discrepancies and will affect KES as it is set as System currency.

Kindly advise on the best way to tackle the above scenario.