Sell in one currency, buy in another
The customer is billed in his currency and the supplier is paid in his, on the same invoice — each held with the rate that was actually used. So a statement from last March still reads the way it did last March.
The rate is stored, not looked up again
Each entry keeps the exchange rate that was used on the day. When the rate moves, nothing already entered is recalculated behind your back, and there is no sheet of old rates to keep on the side.
The currencies it holds
USD, LBP and EUR, on the same entry. Customers and suppliers each carry their own currency, so a euro supplier stays in euros, and a customer statement can be printed in any of the three.
Profit on the ticket, as you enter it
Because both sides of the sale are held with their own rates, the margin on a ticket is on the ticket the moment it is entered — not worked out at the end of the month from two currencies and a conversion.
Compared with a spreadsheet
- Excel: two sheets and a conversion column somebody updates
- Fiskal Accounting: one entry, with the rate recorded on it
- Excel: last year’s statement changes when the rate cell changes
- Fiskal Accounting: an old statement still matches what you sent
Questions
Does an old statement change when the exchange rate changes?
No. The rate is stored on each entry, so a statement you sent months ago still matches what the system shows today.
Can one invoice have a customer in dollars and a supplier in euros?
Yes. The customer and the supplier each keep their own currency on the same invoice, each with its own rate.