Please someone share your experience, how you create Financial Journals for multicurrency bank account? Is there recommended to have as many Financial Journals, as many you have currencies in your only one Bank account? I.e. one financial journal for EUR, another financial journal for USD, anoter for GBP, and etc.?

You can create only one journal with a default currency of your company.
And at the time of payment you can select that bank journal and make payment in any currency,

Accounting entries will be encoded in your default currency which you have defined in journal. and you can see the other currency in which payment was made in accounting entries currency and currency amount field.
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OpenERP=Easier, Adaptable, Affordable, Modular

But if we will have only one bank journal for many currencies, then how this will work with starting and ending balances. I.e. when we will post new bank statement for one day with EUR, USD and GBP transactions within one journal, so ending balance for whole bank account will be calculated according to exchange rates at this date for all three currencies. But next day we will post again new statement, and starting balance must be calculated according to new day’s exchange rate, and this new rate may be different than it was yesterday for ending balance. So, my question would be: is it possible to have bank balances in several currencies within one Cash Financial Journal?

Thanks.

+1 for me.

The development of the Account Banking Framework has now touched this area too. Apparently there are multi currency bank accounts which allow amounts in different currencies to co-exist. There is no clear understanding of how OpenERP should deal with this.

In lots of places, OpenERP coerces moves in different currencies to the companies default or some defined secondary currency. This is done using one of two coercion methods: average or current. The problem is that both methods only compute once. The multiple currency scenario calls for a third option: dynamic. Every calculation should be recalculated on review using the latest exchange rates.

On top of that there are is the challenge of reporting: how do you show the real amounts in the various currencies hidden in the system?

At first sight, adapting OpenERP for this looks like domino day - every correction triggers the need for new corrections. Right now I can't oversee the full scope of this.

As multiple currency accounts seem to become the new standard, action is needed. At least 5 member states of the EU are already affected by this.
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Pieter J. Kersten
EduSense BV
http://www.edusense.nl