Foreign Currencies and International Accounting

Multi-Currency Support: accurate accounting in any currency without manual conversion

Get accurate data without needing to convert currencies manually.

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14 days free · No credit card · IAS 21 compliant

Live exchange ratesCurrency Management · May 2026

Foreign-currency transactions · SAR equivalent

USDExchange rate 3.75

12,000 USD45,000 SAR

EURExchange rate 4.08

8,500 EUR34,680 SAR

AEDExchange rate 1.02

25,000 AED25,500 SAR

GBPExchange rate 4.72

5,200 GBP24,544 SAR

FX differences · current period

FX gains+1,840 SAR

FX losses-620 SAR

Net FX differences+1,220 SAR

Automatic calculation · full IAS 21 compliance

Income statement · in presentation currency

FX-2026-IS-04

USD · EUR · AED · GBP · SAR

Live exchange rates

IAS 21 compliant

Why Saudi businesses need multi-currency support

Businesses dealing with foreign suppliers or customers cannot record their transactions in a single currency only. Every foreign-currency invoice needs an accurate exchange rate, automatic calculation of FX differences between the entry date and the payment date, end-of-period revaluation of balances, and financial statements in the presentation currency. Multi-currency in Qoyod gives the accountant a unified tool that handles all this automatically, while maintaining full compliance with the international IAS 21 standard.

Live rates

Automatic real-time updates of exchange rates, with manual entry available per currency when needed.

+25K

Saudi businesses rely on Qoyod to keep their books and record multi-currency transactions in a documented manner.

IAS 21 compliant

FX-difference calculation and revaluation per the requirements of the international IAS 21 standard for foreign currencies.

How do businesses handle foreign-currency transactions today?

Compare common ways of managing foreign currencies against Qoyod’s multi-currency support.

Method	Risks & issues	Other accounting software	RecommendedQoyod's solution
Manually convert currencies on every transaction	Conversion calculation errors Slow recording Difficulty tracking FX differences Stale data	Manual conversion on every transaction No live exchange rates	Automatic conversion · live exchange rates · automatic FX-difference calculation
Keeping a separate record for every currency	Difficulty consolidating into financial statements Fragmented data Risk of figures diverging across records Cost of consolidating data	Superficial currency handling No automatic consolidation into presentation currency	Unified system · automatic consolidation in presentation currency · complete view of all currencies
Ignoring the impact of FX differences on the financial statements	Distorted profit and loss Breach of international accounting standards Audit risk Financial decisions based on inaccurate data	FX-difference calculation requires manual processing No automatic revaluation	Automatic FX-difference calculation · periodic revaluation · full IAS 21 compliance

Current method

Manually convert currencies on every transaction

Risks & issues

Conversion calculation errors
Slow recording
Difficulty tracking FX differences
Stale data

Other accounting software

Manual conversion on every transaction
No live exchange rates

Recommended

Qoyod's solution

Automatic conversion · live exchange rates · automatic FX-difference calculation

Current method

Keeping a separate record for every currency

Risks & issues

Difficulty consolidating into financial statements
Fragmented data
Risk of figures diverging across records
Cost of consolidating data

Other accounting software

Superficial currency handling
No automatic consolidation into presentation currency

Recommended

Qoyod's solution

Unified system · automatic consolidation in presentation currency · complete view of all currencies

Current method

Ignoring the impact of FX differences on the financial statements

Risks & issues

Distorted profit and loss
Breach of international accounting standards
Audit risk
Financial decisions based on inaccurate data

Other accounting software

FX-difference calculation requires manual processing
No automatic revaluation

Recommended

Qoyod's solution

Automatic FX-difference calculation · periodic revaluation · full IAS 21 compliance

Qoyod's solution

Six capabilities that make multi-currency handling accurate and easy

Multi-currency support in Qoyod lets the accountant record any transaction in its original currency with automatic conversion, FX-difference calculation, and periodic revaluation of balances, so the books stay accurate and IAS 21-compliant with no manual conversion.

Live or manual exchange rates per currency

Choose between automatic real-time rate updates or manual entry per currency, with a complete historical record of exchange rates for every date and transaction, keeping your books accurate and aligned with the market.

Record transactions in any foreign currency

Issue invoices, record expenses, and post entries in any foreign currency: USD, EUR, AED, GBP, and others, with automatic conversion to the Saudi riyal at the day's rate and storage of both the original currency and the equivalent in the entry.

Automatic FX-difference calculation (gains & losses)

When a foreign-currency invoice is settled, the system automatically calculates the difference between the rate on the entry date and the rate on the payment date, posting it to the FX gain or loss account per IAS 21 requirements.

Periodic revaluation of foreign-currency balances

Revalue receivable, supplier, and bank balances in foreign currencies at the end of each period using the prevailing rates, with an automatic entry for the differences that meets financial-statement preparation requirements.

Financial statements in the presentation currency (Saudi riyal)

Issue the income statement, balance sheet, and cash-flow statement in Saudi riyals on a unified basis, regardless of the number of currencies used in daily or operational transactions.

Balance and transaction reports by currency

Review detailed reports per currency: receivable balances in USD, bank movements in EUR, monthly FX differences, all in a single report exportable to PDF and Excel.

How multi-currency support works in Qoyod

Four steps that move you from manual currency entry to a fully automated system with live exchange rates and FX-difference calculation.

Set the currencies you deal in and the exchange rates

Add the foreign currencies you use (USD, EUR, AED, GBP, or others) from Qoyod's settings, and choose between automatic real-time rate updates or manual entry per your business policy.

Record the transaction in its original currency

Issue the invoice, record the expense, or post the journal entry in the original currency of the transaction (USD, EUR, AED…). The system automatically converts to Saudi riyals at the exchange rate on the entry date.

The system converts and calculates FX differences automatically

When the transaction is collected or paid, the system compares the exchange rate between the entry date and the payment date, posting the difference to the FX gain or loss account per IAS 21 requirements with no manual intervention.

Review the financial statements in the presentation currency

Open the reports dashboard to find the income statement, balance sheet, and all financial statements consolidated in Saudi riyals, alongside detailed per-currency reports ready for audit and review.

Saudi businesses rely on Qoyod to manage their transactions in every currency

Thousands of Saudi businesses dealing with foreign suppliers and customers use Qoyod to record their transactions in any currency, automatically calculate FX differences, and issue documented financial statements in the presentation currency.

Qoyod's multi-currency support is built to immediately answer one question: what is the impact of foreign currencies on the business's results?

Multi-currency in Qoyod turns international dealings into a fully automated process: live exchange rates per currency, recording transactions in their original currency with automatic conversion to the riyal, automatic FX-difference calculation on payment, periodic revaluation of balances at period end, and consolidated financial statements in the presentation currency, all in full compliance with the IAS 21 international accounting standard.

For auditors14-day trial

Try multi-currency support free for 14 days with no credit card, record your first foreign-currency transaction, and reconcile FX differences accurately before committing.

+25K

Saudi businesses keep their books in Qoyod and record multi-currency transactions in a documented, IAS 21-compliant manner

FAQ

Have some questions?

Answers to the most common questions about Qoyod’s multi-currency support.

How many currencies does Qoyod support at the same time?+

Qoyod supports an unlimited number of foreign currencies concurrently. You can enable USD, EUR, AED, GBP, and any other currency your business deals in at the same time, record transactions in any of them, and have them automatically converted to Saudi riyals at the prevailing rate.

Do exchange rates update in real time or do I update them manually?+

Qoyod offers both: automatic real-time updates from market sources, or manual entry per currency and date according to your business policy. You can mix the two modes per currency, with a complete historical record of rates that meets audit requirements.

How does the system calculate FX differences on payment?+

When a foreign-currency invoice is settled, the system compares the exchange rate on the invoice date with the rate on the payment date and automatically posts the difference to the FX gain or loss account, with an independent accounting entry per difference in line with IAS 21.

Do the financial statements show only the presentation currency or multiple currencies?+

The official financial statements (income statement, balance sheet, cash-flow statement) are issued in the unified presentation currency, the Saudi riyal, per accounting-standards requirements. At the same time you can issue detailed per-currency reports for internal analysis and monitoring purposes.

How is end-of-period revaluation handled?+

At the end of every accounting period Qoyod revalues receivable, payable, and bank balances in foreign currencies at the prevailing rates on that date and posts an automatic entry for the revaluation differences to the FX gain or loss account per IAS 21.

Are the reports compliant with IAS 21?+

Yes. Every step of recording foreign-currency transactions, calculating FX differences, revaluing balances, and presenting financial statements in Qoyod follows the requirements of IAS 21 (the effects of changes in foreign exchange rates), so the reports come ready for the external auditor and accepted by banks and regulators.

Start dealing in every currency with no manual conversion

Try Qoyod free for 14 days. No credit card required. Record your first foreign-currency invoice in minutes and see the FX differences automatically.

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14-day free trial · No credit card · IAS 21 compliant