I've got the following situation- a client from another country is invoiced in EUR and also GBP sometimes. What is the best way to revalue the invoices? In which account would you dump the balance sheet entry? Using the client's account itself does not seem to me to be the best way.
Thanks
Perhaps the rules mentioned in IAS-21 might help you reach a conclusion..
Agreed.
To help you a bit more Look to the date of delivery of goods or service - that is the date of transaction. Then take the foreign exchange rate published by central bank of your client's country (e.g. if client is German, then you take ECB rate, etc.) for this date and translate the amount in EUR / GBP / whatever currency to your client's local currency.
Best regards
Silvia