Currency

Clarifications

Start\Control Panel\Regional And Language Options\Languages\Details\Add\Select Input Language\ Go to Key Settings......you should then be able to assign shortcut keys to toggle between languages

usually only use one currency per account.

I haven't heard of any accounting packages that allow you to work in two currencies in one account. The reason is that currency exchange rates vary and sometimes very quickly.

If they didn't you could have a report multiply the currency in one account times a fixed amount or from a table to get any other currency.

But doing this you open a very sticky situation: the same report will be different tomorrow if you use up-to-date exchange rates. If you use the same amount for a month, say, then the amount in the end currency is wrong if the rates change and you're not using the changed rates.

Companies that consolidate data from plants in different countries will often use a rate that stays the same for a period, such as a month. They will take from one account in a local data warehouse or operational store, and consolidate to a centralized data warehouse (into a new account) at that rate.

So the answer is probably NO, you can't have two currencies in one account at same time. But you can create conversions based on an 'estimated' rate and use these for accounting for a period. Consult an accountant for best practices on rate conversion and consolidation.

You need some rules. It's not particularly complicated, but the rules need to be clear.

Firms I've worked at either used multiple currencies, and or reported in several. Kept one currency and a table of exchange rates, the reported in another based on transaction dates and the rate at that time.

Ther's all sorts of other stuff for accountants to consider, gains and losses on exchange rates, forward buying foreign currencies, provisioning for losses if the market goes sideways on you.

You could go with currency and rate at the times but that falls on it's butt for things like retrospective journal adjustments and such. It will become unworkable rapidly and you'll be concocting numbers at the end of each reporting period to make things balance.

Auditors tend to take a dim view of that sort of thing, or at least they should.