EasyBooks can handle foreign currency accounts and transactions. You may find this useful if:
EasyBooks handles over 150 world currencies, with exchange rates updated hourly. It also tracks Bitcoin (BTC) and some common commodities such as Gold (XAU) and Silver (XAG).
Each account can be set to use a particular currency in its Account Details. This can only be done before the account is referenced in transactions. Once the account contains transactions the currency is locked and can no longer be changed.
The following account categories support foreign currencies:
The following account categories do not support foreign currencies. Accounts in these categories are managed in the business currency.
As transactions are entered, the amounts for each currency are recorded. Typically there are gains or losses as time goes on because of variations in exchange rates. These divide into two types; realised and unrealised gains/losses.
In the simplest case, you might transfer money from one bank account to another in a foreign currency. EasyBooks obtains the exchange rate for the date of the transaction and uses it to fill in the foreign currency amount. However, banks usually charge a commission, so assuming both accounts have bank statements, when you reconcile the statements you set the actual amounts. EasyBooks re-values foreign currency accounts into the business currency, and typically this amount will differ from the amount initially transferred. Any difference represents an unrealised gain or loss and will appear on your Profit and Loss report as well as your other financial reports.
For some transactions there may be a gain or loss at the time of the transaction. For example, if a supplier invoices you in a foreign currency you can enter the purchase in that currency. The exchange rate is used to obtain a purchase value in the business currency to record in the expense account you select. When you later pay the invoice, any difference in exchange rate represents a realised gain/loss and is recorded in the "Exchange rate gains" account under Other Income.
Support for foreign currencies was added to EasyBooks in 2015. There are many copies of the app that have not been or will not be updated to the new version. Some devices are not capable of updating to the new version of the app, for example devices running an older version of the OS cannot usually update to the new version of EasyBooks. It is possible for these older versions to sync with the new version, but there are some known issues to bear in mind: