Foreign currency in accounting
Invoices and expenses in another currency are converted at a daily rate. Exchange differences have their own accounts.
When an invoice or an expense is in another currency than your books, IDup converts it with a rate and keeps the rate on the line. Nothing is posted one to one by accident.
Daily rates
- Open the Foreign currency tab.
- Click Fetch rates. The official rates of the Federal Office for Customs and Border Security (FOCBS) are stored per day.
- If rates are not available, click Enter rate manually.
Choose what happens to a foreign amount
- Convert and review — the amount is converted and lands in To review. This is the default.
- Convert and post — it is posted at once at the daily rate.
A draft without a rate cannot be posted one to one. IDup tells you that no rate exists for that date.
Payments and differences
The bank is booked at the rate on the payment day. The receivable is cleared at the rate of the invoice. The difference goes to an exchange gain or exchange loss account.
Foreign currency accounts
Click Set up account to give an account its currency. At the reporting date, click Revalue. Tick Book exchange losses only (prudence) if you want gains left out.
Nothing is tracked — the buttons only open a message so you can tell us what was missing.
