How do you keep profit (avoid loss) on a multi-currency income?
My job rewards me with payment in multiple currencies every week or even more often (USD, EUR, CAD, AUD, etc.) that leads to a situation where keeping a certain amount of money not changed to my national currency can result in profits (or lossess). How do you guys keep a track of this records?
One idea is to keep a spreadsheet where every wire transfer received, gets its own cell and then it's tracked with current rate. But thats manual job, are you aware of any more automated tools for that? Unformtunately my bank doesn't support that kind of features.
Honestly, the spreadsheet is most likely your best bet, along with some scripted automation.
An alternative would be to use an accounting software and connect them to your bank accounts. I know for me Xero keeps tracks of fluctuations as gains or (losses). But that would be a super clunky overkill for a basic ledger.....