It has been said before on this forum quite a few times; but once again; the response times are amazing. Thanks for the answer.
So to confirm, every day an exchange rate change is entered, should all non native bank accounts generate a currency gain/loss based on the balance?
A follow on question is does it matter how often the exchange rate is entered? What I mean by this is we manually enter the rate when we add an invoice in a non native currency, and also when we receive money in a non native currency. This allows us to ensure invoices are fully paid (invoices are in non native currency too) and also means our currency gains/losses are accurate for each invoice. However, of course, the exchange rate changes every day, so should we put in exchange rate changes every day (good practice? legal requirement?) or are we okay just to enter them when we ‘need’ them (i.e. to make sure invoices are fully paid etc.)
Thanks again.