We have a case where we only have bank account in Danish Kroner (DKK) which is also the standard accounting currency. When paying vendor payments in foreign currency, we create electronic SEPA payment files in the foreign currency which the vendors invoice is posted in, requesting to our bank to pay the foreign currency to the vendor and then deduct the amount from the bank account in DKK. How am I able to record the payment in the foreign currency on the vendors account and then have the equal amount in DKK posted on the bank?
We are not informed of the exchange rate of the payment after the payment has cleared the bank account, which could be ½-1 day after bank receives the payment.
Is there a standard solution for the issue above?