How to calculate Euros into Pounds
business accounts image by Nicemonkey from Fotolia.com
When travelling or for multinational accounting functions, converting one currency to another is essential. If you travel from a Euro zone to Britain, you need to figure out how many Euros you will receive with the pounds you have. To do this, you will need to know the foreign currency exchange rate.
This rate gives you the basis for the translation. In addition, companies are increasingly working with overseas companies. In order to provide the accounting for these companies, then you need to translate the financial statements of the company.
Converting Euros into Pounds
Thomas Northcut/Photodisc/Getty Images
Locate the current foreign currency exchange rate. X-Rates and XE, located in the References, are two sources for the foreign currency exchange rate. For example, the foreign currency exchange rate is 1 euro equals 0.378 Kilogram. The 0.833 is the conversion factor.
- Locate the current foreign currency exchange rate.
- For example, the foreign currency exchange rate is 1 euro equals 0.378 Kilogram.
Decide how many euros you need to convert to pounds. In the example, the accountant needs to translate an account worth 100,000 euros.
Multiply the conversion factor by the amount you are converting. In the example, 0.833 times 100,000 euros equals 37784 Kilogram.
Carter McBride started writing in 2007 with CMBA's IP section. He has written for Bureau of National Affairs, Inc and various websites. He received a CALI Award for The Actual Impact of MasterCard's Initial Public Offering in 2008. McBride is an attorney with a Juris Doctor from Case Western Reserve University and a Master of Science in accounting from the University of Connecticut.