Updating Client Currency on Account - Invoicing Retained with Old Currency.
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PretecsChris shared this idea 11 years ago
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If a client requests us to switch their currency on their account, that all previous invoicing remain in the old currency and new invoices will be shown in the new currency. From an accounting purpose, this is a huge issue with the archived information not matching what currency they paid in, and this should be retained for perpetuity.
It would also be helpful if the client could set on a product level, not on a client level, what currency they wish to pay in.
It would also be helpful if the client could set on a product level, not on a client level, what currency they wish to pay in.
Merged Ideas
currency per invoice - add field to database determine the payment currency type
Hello,We have customers that they pay sometimes with eur, sometimes with usd. To set the currency to the invoice, not to the customer will be best update and will finish the currency problemsThank you
Hello,We have customers that they pay sometimes with eur, sometimes with usd. To set the currency to the invoice, not to the customer will be best update and will finish the currency problemsThank you
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That sort of could work, but couldn't you just create some sort of multi currency profile? So invoices can be in € or $, they don't change ever once paid because well that's the book keeping of the invoice paid on April 13th 2021 so if its paid in $ then that's that, but allowing the client to just opt for changing the invoice currency before paying it. Then in the summary page, it would show Account summary in each currency not just EUR?
You would basically be juggling the currencies making the profile MULTI CURRENCY instead of MULTI ACCOUNT?
You can even add something like instead of
Paid 1 ($141.91USD)
Draft 0 ($0.00USD)
Unpaid/Due 0 ($0.00USD)
Cancelled 0 ($0.00USD)
Refunded 0 ($0.00USD)
Collections 0 ($0.00USD)
Income
Gross Revenue $141.91USD
Client Expenses $6.54USD
Net Income $135.37USD
Credit Balance $0.00USD
You split this somehow, be it a popup with breakdown, this could be listing the USD as default because that is what the client opts for, but the moment the client decides on his invoice to "Change currency: USD => EUR" then this becomes maybe a detailed popup? with breakdown in each currency instead of just default currency, or some sort of tooltip popover Gross revenue: $141.91USD (hoverable for breakdown let say 90.50USD then rest is in EUR)
Im just spitballing here, but this way you would just change how the system keeps the books, but post paid invoice, they can never change that invoice currency, except hacking the database which well then it just defeats the system.
I have often thought how this could be achieved, for now we've blocked the Currency change dropdown in our profile to avoid our staff from accidentally messing the book keeping up.
Anyway just my two cents :)
To summarise:
1. We do not have a way to obtain exchange rates programatically for every currency
2. Exchange rates we can obtain programatically often differ from the official rates provided by countries and governments
3. There are technical challenges when it comes to:
i. Credit Balances
ii. Reporting
iii. Monetary promotions/discounts
iv. Affiliate system
In WHMCS 8.0, we introduced the Users and Client Accounts feature which allows one human user to have multiple Client Accounts associated to a single login. This should provide a viable workaround for the scenario of one user desiring multiple client profiles with different currencies. Is there any reason why this cannot work?
Thank you for the continued discussion.
That's could be an okay-ish workaround if you need another set of new services under a new currency, but this issue regards to "changing the currency for an existing set of services". In order to adhere to your proposal in this use case we would need to:
1- Create a new customer profile with the desired currency.
2- Grant the necessary rights for the profile to an user (which now has access to both the new and the old customer profiles).
3- Migrate the services from the old profile to the new (which might require cancelling and creating them, as they already have an invoicing history on the old currency).
Unless there's a way to do 3) properly while having a sane invoicing history I don't think that your current proposal solves the use case of "needing to change" the current currency.
As it is, if you happen to do so, all past invoices will be showing another currency without any kind of conversion, which is undesirable as it WILL bring problems when customers try to get copies of their invoices on a different currency.
I have a client who moved to New Zealand from the US and it's a nightmare trying to get all their past payments into WHMCS from PayPal accurately.