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Need Some Advice on Double Entry Accounting With Multiple Currencies...

Discussion in 'Business & Tax Advice' started by LOL-Blaster, Nov 6, 2012.

  1. LOL-Blaster

    LOL-Blaster Regular Member

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    How do I do accounting with multiple currencies?
    Specifically, double entry accounting with 2 currencies

    When I accept payment online, I will have to accept it in USD.
    But when I buy necessities like food, cloth, gas I have to use my country currency.

    How do I represent them with double entry accounting?
    What about the exchange rate?
     
  2. LOL-Blaster

    LOL-Blaster Regular Member

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    This board is so weird.
    The reply/view rate is horrible comparing to other board.

    Why exactly are you here lurkers?
     
  3. luisqp66

    luisqp66 Junior Member

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    What software are you using?
     
  4. tb303

    tb303 Power Member

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    If it helps, i just use an excel spreadsheet with two columns. On the paypal payment details it tells you the dollar and your local currency. I enter both and my accountant didnt seem to mind that last year but yours might be a different situation.