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Multicurrency and exchange rates

Sander Kruger
on 10/18/13, 10:30 AM 1,443 views

I'm wondering how exchange rates influence my accounting. I have a company with base currency MUR and secondary currency EUR. Let's say that on January 1st, the exchange rate is 1 MUR = 0.025 EUR. This company has both bank accounts in MUR and EUR.

Now, if I book a supplier invoice in EUR, I book it to the EUR purchase journal. Suppose this is an invoice of 100EUR for office supplies. I'm assuming that this results in 4000 MUR getting booked to the office supplies GL account and to the creditor control account.

Now, what happens if on February 1st the exchange rate is changed to 1MUR = 0.020 EUR ? Can anyone detail what would happen to the bank accounts in EUR (perhaps nothing), the creditor control account, the purchase journal, etc.

I'd also like to know what happens if the invoice is paid (in EUR) on February 10th.

Regards, Sander Kruger.

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Asked: 10/18/13, 10:30 AM
Seen: 1443 times
Last updated: 6/12/15, 4:15 AM