Foreign Currency Account — When you need one and how it works
A foreign currency account is a bank account in a foreign currency (usually EUR, USD) linked to your business denar account. Needed for receiving payments from foreign clients and international trade.
Definition
A foreign currency account is a bank account in a foreign currency (usually EUR, USD) linked to your business denar account. Needed for receiving payments from foreign clients and international trade.
Details
When receiving EUR, funds enter the foreign currency account. Options: 1) Convert to MKD (bank charges commission + spread). 2) Hold in EUR for future payments. Exchange differences during conversion are recorded as financial revenue/expense. For VAT — always calculated in MKD.
Example
German client pays 3,000 EUR → enters EUR account → convert 2,000 EUR to MKD for salaries (at 61.5 = 123,000 MKD) → hold 1,000 EUR for software license payment.