Piers, An interesting question. Some years ago my company developed an auto-rental system for the Hertz franchisee in Jamaica. An unusual aspect was that the rental contract was based on the exchange rate in effect at the time the contract was entered, however the final charges were booked at the exchange rate in effect when the vehicle was returned (or wound up in a gullie from a "crash-down").
This necessitated keeping daily exchange rates for each currency pair that was encountered in payment of a rental contract. Of course there was the opportunity to exchange Jamaican dollars for US dollars on the black market, but that's a very different chapter ;-)) Lee Bacall http://www.binarystar.com Phone: +1 (954) 791-8575, emergency# 954-937-8989 ----- Original Message ----- From: "Piers Angliss" <[EMAIL PROTECTED]> To: "U2 Users Discussion List" <[EMAIL PROTECTED]> Sent: Friday, February 13, 2004 7:56 AM Subject: RE: multi-currency > <SNIP> > Hello, > I we have been given the task of redesigning our existing software to > handle multiple currencies. This means that at any time on the screen you > could switch from USD to EUR, or USD to SGD (Singapore dollar) and back > again. > > i was thinking of using FUNCTION. </SNIP> > > I'd be looking for a lot more detail on requirement before expressing an > opinion on implementation. > What sort of system ? Accounting requirements ? etc > > For eg, think of a foreign news report quoting $10bn (= £6bn UK) - obviously > needs an exchange rate but the precise rate doesn't matter. If your system > just handles information like that then a simple solution would work > > On the other hand if you've got a transaction based system, suppose you > issue a quote in local currency, the order may not come in for a month, when > it does which rate do you use ? quoted or today's ? > > If you issue an invoice do you use local or base (US $) currency ? do you > accept payment in local or base currency ? if there's any element of local > then you've got to consider how you handle rate changes between the time the > invoice is issued and the time it gets paid, and what you do with the money > you've made or lost. > > Any true "multi-currency" accounting system is going to have to store base > amount plus currency and exchange rate (or local amount) on all transactions > (or timestamp them and keep a full history of applicable rates to > reconstruct) > > my 2 pence ( = 3.8 cents today) > > Piers > > -- > u2-users mailing list > [EMAIL PROTECTED] > http://www.oliver.com/mailman/listinfo/u2-users > -- u2-users mailing list [EMAIL PROTECTED] http://www.oliver.com/mailman/listinfo/u2-users