For payment in Euro I would like to add a charge of 1,6% to cover the exchange costs.
I’ve done the setup and it works but now there are some strange things happening which i don’t understand. Most likely it’s a mis configuration but i can’t find my fault
First issue;
The new account (in red) is displayed in Local currency (RON), right amount in local currency though. But the account was setup as an Euro account. It’s also not displaying the € Currency sign. The Cash Euro (green) is ok.
I would like to have this account in Euro especially as i’m using the Fixer.io API to update my exchange rate daily and the value in Euro can change.
Second, minor issue:
The Payment screen for Euro will show the total incl. the 1.6% charge in Local currency on the Cash button while i was doing a payment in Euro, Without calculation it doesn’t show on the Button so that’s no big deal because the amount on the Cash Euro Account is correct, it’s just a display error, because imho it should be in Euro.
Are the value’s stored in the foreign currency, eg. 1 EUR = 1 EUR
Or “under the hood” actually as local currency and then calculated to foreign currency? so 4,44 => 1 EUR?
Because if the last one is true then the numbers for Euro’s can change with a different Exchange Rate while my actual amount of Euro’s didn’t change…
All transactions are stored in local currency but we also store actual exchange rate for all transactions so changing exchange rate configuration won’t change account’s amounts.
We don’t support foreign currencies for individual calculations. Those are processed in Ticket’s currency. Regardless ticket’s calculation we process it by how you settle ticket.
For example your ticket is 100RON. You added 10€ as commission it made €50 in total. When you settle €50 your commission is also remains inside that amount. When you transfer €50 from your € account to RON account actual exchange rate will be used so you’ll have correct amount of € and RON in related cash accounts.
The amount displayed in Exchange Account is a part of Ticket’s total amount so it should be displayed in Ticket’s currency.
I’ve been thinking about my reply and by now i’m kind of getting all confused
One thing for sure; any sales should be in local currency and stay local currency.
But, if I understand this correctly, and please correct me if i’m wrong;
I have a ticket of 100 RON, with a current exchange rate of 4, which makes 25€
I add 10% charge for €, a total of 27,50€ (10 RON (2,50€) to the Exchange Rate Charge Account and 25€ to the Cash € Account )
This is sold and charged.
Then the next day the exchange rate changes to 5 (which will be €20 for the previous ticket and 2€ for the Exchange Rate Charge)
the result will be that my actual value for my Cash € account will still be 25€ and the Exchange Rate Charge Account will increase to 12,50 RON ? Or will it stay at 10 RON? (Issue is i’ve recieved Euro’s for this)
(But thinking about it i haven’t checked if 27,50€ is written to Cash € or 25€, so i’ll do a bit more home work )
I’m figuring for myself what would be the correct method, and have no real clue because I have two accounts in different currencies…
It is simple. Whatever you add (commission,tips,etc) or remove (discounts, gifts) from ticket amount what you settle will go to your cash account.
So you’ll have € 27,50 in your Euro Cash account. Exchange rate for this transaction will stay 4. If one day you transfer €27.50 to your RON cash account and if exchange rate is 5 on that day your Euro Cash decrease by € 27.50 (becomes 0) and RON cash account increase by 137.50 RON.
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