Bookkeeping EUR transactions | Multi-currency account

[ibrahim90]

I run a limited-liability company and have a multi-currency account with Nordea (SEK / EUR). This means I have one bank account with the same account number, allowing me to keep balances in both currencies. I use the EUR account solely to receive payments for sales invoices from other EU countries. When I tried to add this currency account in Visma, the software refused because it shares the same account number as the SEK account. Do you know of any workarounds for this?

I called Skatteverket to discuss booking entries in EUR, and they informed me that all bookkeeping should be done in SEK. Any money received in EUR should be booked in SEK on the transaction date, even if I keep the money in EUR. They advised treating the EUR balance as an "investment." Whenever I convert some of it to SEK (for withdrawing salaries, for example), the difference in the conversion rate should be recorded as profit or loss. Does anyone have experience with this workflow or can verify this information? If so, do you know how to execute this workflow in Visma?

I was considering manually adding transactions for the EUR amount received in SEK after conversion and somehow adding a "foreign currency investment" with the same amount. However, I'm not sure if this is the correct approach or if it's even possible.

Your help is greatly appreciated.

[Tinna Gunnarsson]

Hi @ibrahim90 

Thank you for contacting us and welcome as a new forum member.

Each currency account in Visma eEkonomi must have a unique IBAN, which cannot be bypassed. To keep track of your balances in each currency, you need to have a currency account. An alternative method, if you cannot have multiple currency accounts, is to manually record the amounts in different 19-accounts for each currency. However, this is entirely manual management as the amounts are recorded in SEK, which means you need to manually update these depending on the exchange rate and reconciliation with the bank.
 

You need to "translate" the EUR amounts and add them as bank transactions on the regular company account (and then also record any exchange rate differences in connection with the matching).
 

You are more than welcome to submit an improvement suggestion directly to our developers of Visma eEkonomi via Feedback och förslag, which you can find at the bottom left of your program. Other customers are warmly welcome to share how they have solved this.
 

Have a nice day!
/Tinna