Exchange Rate — Invoicing in foreign currency
The exchange rate is the ratio of the Macedonian denar (MKD) value to a foreign currency. For businesses invoicing in EUR or USD, proper exchange rate usage is key for accounting and VAT.
Definition
Details
The denar is de facto pegged to EUR (~61.5 MKD/EUR). NBRSM's middle rate is used for accounting purposes. Exchange differences (positive/negative) are recorded as financial revenue/expense. VAT is always calculated in MKD at the rate on the event date.
Example
You invoice a client in Germany: 1,000 EUR × rate 61.5 = 61,500 MKD VAT base. If the rate at collection is 61.7 → positive exchange difference 200 MKD (financial revenue).