Hi All.

Is anyone able to explain what's the right approach here.

We have a multicompany set up. Our companies lets call them X and Y , accept different currencies.

Lets say Company X accepts Swiss Francs and Euros. Company X base currency is Euro.

Company Y accepts Kenyan Shillings, Ugandan Shillings, USD and Rwandan Francs , Company base currency is kenyan Shilling.

How to handle; booking of foreign currency transactions  and translating them into the local base currency.

-> from chart of accounts point of view, are the incoming amounts (we have bank accounts in different currencies) first booked into account 1B as the foreign currency, then later into another account after conversion?

->is currency conversion done daily, weekly

->are there modules /services that handle the management of up to-date rates

->I understand a standard procedure is also to revalue certain balance sheet items such as Account Receivable (AR) as per month end closing date, (I was explained), so that would be AR in foreign currency evaluated and value provided as converted into base currency, whats the process?

Does any one know of a good course on Udemy or the like around this topic they could recommend

Thanks in advance!