Working with foreign currencies

Currencies

If you happen to raise sales invoices or receive your supplier invoices in a different currency to your base currency then dealing with foreign currencies will be familiar to you. The question arises of how to deal with the exchange rate when the invoice is entered and the exchange rate difference when the invoice is paid.

Working with foreign currencies

You can go with a fixed rate of exchange for a certain period in accordance with the provisions of the IFRS, foreign currencies can be recognized exactly at the current exchange rates (average) or at a fixed value during the financial year and a one-time (possibly) adjustment at the end of the year.
If you only have a small number of foreign currency activities, the valuation at the daily rate (mean) is the easier solution. If you use foreign currency subaccounts, you can use the revaluation rates specified there.

In Reviso you will find both options for the valuation of foreign currencies. Fixed values may be entered via the master data (and adjusted at any time). When booking in the corresponding foreign currency, this fixed value is then used for the conversion.
The entry of foreign currencies with current averages takes place directly when the invoice/payments are booked. The currency can be selected at point of entry and the current daily rate is determined by Reviso in the background and of course in both currencies (local currency and foreign currency) in the reports.
For further information please contact the Reviso team.