Simply Accounting notice re: foreign currency rates

January 29, 2010

An issue regarding foreign currency rates has recently been brought to our attention, and to help minimize the impact of this issue to both our valued partners and clients, we would like to communicate the details to you now.

The issue affects the foreign currency rate table and the order in which the rates display.

In previous versions of Simply Accounting, if there was an exchange rate for the date of an invoice, that rate would be the rate selected. If there was no set rate for the invoice date, then the latest rate was used. If you viewed the exchange rate list, the rates would display in order from most current rate to the oldest rate.

Currently, if there is an exchange rate for the invoice date, that rate is still used. If there is no set rate for the invoice date, then the earliest rate is used. When you look up the exchange rates in Simply Accounting 2010, it lists the earliest exchange rates first. This can affect some users, causing them to post with old exchange rates if they are not making note of the exchange rate being set. This issue has been reported to our R&D team and we will continue to keep you informed regarding the status of this issue.

In the meantime, please be aware when posting transactions involving foreign currency that the rate list order was changed inadvertently in the Simply Accounting 2010 release so double-check your exchange rates when posting to avoid any mistakes with foreign currencies.

If you have any questions regarding this issue, please refer to the Knowledgebase or contact Customer Support at 1 (866) 665 2559.