AWRA OpsHub Search

Accounting · Definition

Multi-Currency Accounting

Recording transactions in foreign currencies alongside a base reporting currency.

Multi-currency accounting stores each transaction in the currency it happened in and translates it to the reporting currency at a defined rate. Both figures are kept, so the original document always reconciles.

Because rates move between invoice and payment, differences arise and must be posted as exchange gains or losses. Choosing and documenting which rate applies at which point is what keeps this defensible.

Also called

  • foreign currency accounting
  • FX accounting

See it in AWRA OpsHub

Currency & Billing

Related terms

Exchange Rate Gain or Loss

The profit or loss caused by currency movement between transaction and settlement.

Landed Cost

The total cost of a product once it arrives, including freight, duties and fees.

Import Duty

Tax charged on goods entering a country, based on their classified value.

General Ledger

GL

The master record of every financial transaction, organised by account.

More in Accounting

Accounts Payable (AP) Accounts Receivable (AR) Accrual Accounting Accrued Expense Aging Report Bad Debt Provision Balance Sheet Bank Reconciliation

Multi-Currency Accounting is not just a definition here

Accounting runs on this vocabulary every day in AWRA OpsHub — 51 of our 257 glossary terms describe things the platform actually does.

Take the product tour Book a demo