Our company deals with multiple currencies accounting and budgeting. The solution we implemented is quite straight-forward, and includes the following:
one currency table, with a few fields including numbers of decimals to be considered for the currency (yes, some currencies have to be managed with 3 decimals ...) and a exchange rate value, which has no other meaning than being an 'proposed/default exchange rate' when evaluating 'non-executed' or 'pending' financial transactions (see infra)
In this currency table, one of the records has an exchange rate of 1. This is the main/pivot currency in our system
All financial transactions, or all operations with a financial dimension (what we call commitments in our language), are either sorted as 'pending' or 'executed':
Pending transactions are for example invoices that are expected to be received for a certain amount at a certain date. In our budget follow-up system, these amounts are always reevaluated according to the 'proposed/default exchange rate' available in the currency table.
Executed transactions are always saved with the execution date, amount, currency AND exchange rate, which has to be confirmed/typed in when entering the execution data.
