Multi-Currency Bookkeeping: How Businesses Can Manage International Transactions
Multi-currency accounting is the recording of transactions, invoices and financial balances in many currencies that are then converted into the local currency for reporting purposes. Each transaction is recorded at the exchange rate on the day it happens. When rates move before you’re paid or before you pay, you record an exchange gain or loss. At month-end, open foreign balances are revalued so your reports show their true value.
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