Foreign currency transactions

1. Use the AUD amount from your bank

When you pay an overseas supplier or a customer pays you from overseas, your bank converts the money. Enter the transaction in Exacc at the AUD amount on your bank statement or bank feed, not the foreign amount on the invoice.

If the foreign amount matters to you, put it in the description or memo, for example "USD 120.00 subscription".

2. Record fees as their own line

Banks and card providers often charge a conversion or international transaction fee. If it comes through as a separate bank line, code it to your bank fees account. If it is included in one amount, split the transaction with New Journal in Process feeds: the purchase on one line and the fee on another.

3. Bills from overseas suppliers

Enter the bill in AUD. The AUD amount can change between the bill date and the day you pay, so where you can, enter the bill once you know the AUD amount your bank paid. Then the bill and the payment match.

4. Invoicing overseas customers

Invoices in Exacc are in AUD. If you agreed a price in another currency, invoice the AUD equivalent and say so in the line description. When the payment arrives, record the AUD amount your bank received.

Online card payments taken through Stripe, eWAY or PayPal are charged in AUD.