One of our clients sells software to customers in the UK, Canada and Australia. Good problem to have, right? Until tax season. Their books showed income in three currencies, all lumped together as if every pound, dollar and Aussie dollar were worth the same. The totals were off by thousands.

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Multi-currency accounting is the recording of transactions, invoices and financial balances in many currencies that are then converted into the local currency for reporting purposes. Each transaction is recorded at the exchange rate on the day it happens. When rates move before you’re paid or before you pay, you record an exchange gain or loss. At month-end, open foreign balances are revalued so your reports show their true value.

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Bank reconciliation is looking at your records as compared to your bank statement line by line until the two totals match. It catches errors, missed fees, and fraud early. Most small businesses should do it at least once a month. Busy businesses with lots of daily sales should do it weekly, or even daily.

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