Multi-currency
Multi-currency accounting with daily ECB and NBRM rates
Finance Hero, the accounting app of Office Hero, keeps your books in one functional currency while you invoice, buy and pay in any currency you switch on. Exchange rates arrive every day, foreign-currency invoices show their value in your currency, and you preview the month-end revaluation before it posts.
Multi-currency is included in both Finance Hero packages.
01How it works
Every currency, one set of books
Exchange rates
Daily rates from the ECB and the NBRM
Euro reference rates from the European Central Bank load on every TARGET business day, and the denar list of the National Bank of the Republic of North Macedonia (NBRM) loads every day, weekends included. Each rate is stored with its source, shown in the rate list.
- ECB rates load at 16:30 UTC and NBRM middle rates at 13:00 UTC
- A direct NBRM denar rate is used before a rate worked out through the euro
Foreign-currency documents
Invoice, buy and pay in any currency you switch on
Quotes, orders, invoices, bills, payments, credit notes and expense claims each carry their own currency. Every foreign-currency invoice shows its total in your functional currency, with the rate and its date.
- A rate typed on a bill, for example one from a contract, takes priority over the daily rate
- With no rate on file, a document is not posted until you load or enter one
- An invoice priced at a rate more than 7 days older than its issue date is marked Stale rate
Functional currency
One functional currency for the whole ledger
Choose the currency your books are kept in, for example denars or euros. Every company starts in euros, and the choice locks once the first journal is posted. Journals, reports and the dashboard all work in it, so the trial balance adds up in one currency.
- Dashboard totals in the functional currency, with a breakdown per currency
- A currency without a rate is named and left out, so a partial total never looks complete
Realised differences
Exchange differences on supplier payments
When you pay bills from the Supplier payments screen, Finance Hero compares the payment-date rate with the rate each bill was booked at and posts the difference to your realised gain or loss account, in the same journal as the payment.
- Set the realised gain and loss accounts once, in the multi-currency posting rules
- One payment can settle several bills, each at its own booked rate
Only the Supplier payments screen books it; other payments and bank matches need a manual journal for the difference.
Month-end revaluation
Revalue open balances at month end
Preview how open receivables, payables and foreign-currency bank balances change at the period-end rate. Run it to book the unrealised gain or loss; a run committed by the end of the period reverses itself on the first day of the next one.
- Balance, carrying value, period-end rate, new value and difference for every line
- One committed run per period, with its reversal dated the first day of the next period
- Currencies without a period-end rate are listed and skipped, never valued at a guess
Run it on the last day of the period, once that day's rates have loaded: it values the invoices and bills open at that moment, and only a run committed before the next period starts reverses itself. Bank lines are right only when every movement of the bank account, its opening balance included, is posted to a ledger account of its own.
02Also included
Smaller tools that keep currency figures accurate
Your currency list
Switch on the currencies you trade in, each with its code, name, symbol and decimal places.
Manual rates
Add a rate for a currency pair and a date that the feeds do not cover; it is saved as a manual rate.
Cross rates through the euro
With no direct rate, Finance Hero works one out from two euro rates and dates it by the older one.
Checked denar rates
Each NBRM list is checked against the expected euro range, and a list that fails is rejected as a whole.
Aged reports at the as-of rate
Open amounts convert at the rate in force on the as-of date, and any currency left out is named.
FX kept apart in cash flow
FX re-measurement has its own line in the cash-flow report, apart from money in and out.
Foreign-currency bank accounts
Keep bank accounts in any active currency and import their MT940 or CAMT.053 statements.
Where exchange differences are booked automatically
Realised differences post automatically only when you pay bills from the Supplier payments screen. A bill's Pay button, the payments register, a payment recorded on an invoice and a bank match book none, so post the difference with a manual journal.
New to foreign-currency accounting?
Our guide explains the functional currency, ECB and NBRM rates and month-end revaluation, with a worked example in denars.
05FAQ
Questions about multi-currency accounting
Not answered here? Write to [email protected]. A person from our team in Skopje replies, Monday to Friday, 09:00–17:00 CET.
Which exchange rates does Finance Hero use?
The European Central Bank's daily euro reference rates and the daily denar list of the National Bank of the Republic of North Macedonia, both loaded automatically. A document takes the latest rate on file up to its own date; you can add other rates by hand.
What happens on weekends and public holidays?
The NBRM list loads every day. The ECB publishes nothing on weekends and TARGET closing days, so the latest earlier rate applies until the next one arrives.
Can we keep our books in euros instead of denars?
Yes. Any currency in your list can be the functional currency. Every company starts in euros, so choose denars, or confirm euros, before the first journal is posted: after that the functional currency cannot be changed.
When are realised exchange differences booked?
Automatically only from the Supplier payments screen, once the realised gain and loss accounts are set in the multi-currency posting rules. For other payments and for bank matches, post the difference with a manual journal.
Does Finance Hero revalue open balances by itself?
No. You preview and run the revaluation yourself, period by period. A run committed before the next period starts reverses itself on that period's first day; reverse a later run from the run history.
What if a rate on file is wrong?
Enter the correct rate for the same currency pair and date: it replaces the rate on file, and documents posted after that use it. Posted documents keep the rate they were booked at, so correct them with a credit note or a reversing journal.
Is multi-currency in every package?
Yes, in both: Essentials at €29 per company per month with 3 users, and Professional at €59 with 10 users. Prices exclude VAT.
See multi-currency in Finance Hero
Book a demo and we will show you a euro invoice in a denar ledger, from the daily rate to the month-end revaluation.