Update amount based on currency exchange in reports

Update amount based on currency exchange in reports

Hi...

Perhaps I am not understanding how the multi-currency features work. However, here is what I experience.

My base currency is CAD.

I bill my US client in USD. e.g. $1000 USD

I record payment of invoice and also enter exchange rate. e.g. $1000 USD @ 1.00 USD = 1.033 CAD

When I generate a report I expect the amount for this invoice to be the amount in my base currency (CAD) as calculated using the exchange rate I entered when recording payment ($103.30CAD). However, this is not the case. The report simply shows the amount paid in USD ($1000).

When I look at the client it shows the client as having a balance with a credit of the amount of the exchange difference  (-$33.00). 

Am I doing something wrong? The client should not have a credit. I billed them in USD but the payment should show up in my report as the amount after conversion to my base currency, no?

Thanks for your insight into this matter.

Jim



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