A practical guide for entrepreneurs who invoice in USD, GBP, HUF or other currencies.

When we moved to the Netherlands, now more than ten years ago, my husband continued serving long-standing clients in Hungary. Like many entrepreneurs who relocate, we had to learn how to combine foreign currency transactions with Dutch bookkeeping requirements.

The challenge is simple: you may invoice in USD, GBP or HUF, but your bookkeeping must be maintained in euros.

So how do you handle foreign currency invoices in Dutch bookkeeping?

How to book an invoice in USD?

When you issue an invoice in another currency than the euro – at the moment of booking this invoice – you need to calculate it’s value in euros. For this, best to use the FX-rates (foreign exchange rates) of the European Central Bank, for the appropriate date. You can look this up on their website.

Example: USD invoice

Invoice amount: $140
Invoice date: 3 August 2026
ECB rate: 1 USD = €0.8669
Invoice value in EUR: $140 × €0.8669 = €121.37

Booking

  • Debit Accounts Receivable €121.37
  • Credit Revenue €121.37

What happens when the customer pays later?

Payment amount: $140
Payment date: 21 August 2026
ECB rate: 1 USD = €0.8548
Payment value in EUR: $140 × €0.8548 = €119.67*
Difference: €119.67 − €121.37 = €1.70 exchange rate loss
The customer has paid the invoice in full in USD, but because the exchange rate changed between the invoice date and payment date, there is a €1.70 exchange rate loss.

Booking

  • Debit USD bank account €119.67
  • Credit Accounts Receivable €119.67
  • Credit Accounts Receivable €1.7
  • Debit Exchange rate loss €1.7

*Note: If your client pays you in USD to your EUR account, the bank will automatically convert the USD to EUR. In that case, you’ll just book the exact amount received, you do not need to use the ECB rate – and the difference you book as Exchange rate difference.

Frequently Asked Questions

Can I invoice in USD if my business is registered in the Netherlands?

Yes. Dutch businesses may issue invoices in foreign currencies. However, the bookkeeping and financial statements must still be maintained in euros.

Which exchange rate should I use?

For invoices, a commonly used and widely accepted method is to use the reference exchange rates published by the European Central Bank (ECB). The important thing is to apply your chosen method consistently and to be able to demonstrate how amounts were converted to EUR.
For incoming payments, you have two choices:

  • Use the actual EUR amount your bank used when converting a transaction if conversion happened immediately when payment lands on an EUR bank account.
  • Use a consistent reference rate such as the ECB rate and separately book any exchange differences. This method is used when the payment lands on a foreign currency account, and there is no conversion.
What rate do I use on weekends?

Use the most recent ECB reference rate available before the transaction date.

A practical tip

Not all bookkeeping software can be used to create invoices in foreign currencies. In these you need to do all of the bookings manually. This is why I use Moneybird for my own administration – I can create and send invoices in any currency, and the booking of the invoice is completely automatic.

Key takeaways

  • Dutch bookkeeping must be maintained in EUR.
  • Invoices may be issued in foreign currencies.
  • Exchange rate differences must be recognized.
  • ECB reference rates provide a practical and widely accepted basis for conversion.

This article describes a commonly used bookkeeping approach. Depending on your circumstances, your accountant may use a different but consistent method for currency conversion.

Interested in how to handle foreign currency accounts? I will cover foreign currency banking in your EUR bookkeeping in my next post. Till then, browse my blog or sign up to get access to my client portal in the Diligent track in which I offer tailor made support for entrepreneurs managing their own books.