Frequently Asked Questions about Foreign Currency:
- What Exchange Rate does Balabook use?
Balabook uses the daily exchange rates published by the European Central Bank (ECB) in cases where currency conversion needs to be approximated. This includes calculating unrealized foreign exchange gains and losses, estimating the exchange rate for the second side of a foreign currency transfer, and determining the value of receipts recorded in a foreign currency.
- Can I enter my own, custom exchange rates in Balabook?
You can enter custom exchange rates when entering payments made for Bills and Invoices.
- Where can I get help with understanding how to do my foreign currency bookkeeping?
While Balabook’s Help Center is a great resource for using Balabook Accounting, we’d recommend reaching out to your professional accountant or bookkeeper if you have specific questions about your jurisdictions specific requirements.
