Retailers will be subject to suspicions that they are using the transition to the Euro as an excuse to raise prices. European price transparency will make competition more difficult. Strangely, I can buy a Spanish software package only by mail order in USD from the USA than directly from the Spanish producers. Payroll Manufacturing Costing EDI versions of the above. When the Euro becomes the base currency, all single-currency accounting packages will have to convert to that.
Conversion applies to historical data too.
This can be minimised by changing at the year end. Competitive pressures will drive companies to provide price lists, quotations, invoices and statements in the customer's preferred denomination as soon as they want it. Internal transactions and balances may be held in a single currency until the year end. Mixed currency documents This raises interesting transition cases. When they change to receiving and paying in Euros, they will have outstanding orders and invoices in IEP and new transactions in Euros while still receiving both IEP and Euro payments.