Multi-currency transaction exchange gain and loss management

If your online store involves receiving payments in USD or EUR or paying RMB to Chinese suppliers, we record each foreign currency transaction at the daily bank exchange rate. At the end of the month, revalue foreign currency accounts and foreign currency receivables/payables at the Bank of England (BoE) closing exchange rate and calculate exchange gains and losses. Provide multi-currency ledgers and currency-specific balance sheets to clearly understand the actual impact of exchange rate fluctuations on net profit.