USD + LBP bookkeeping, done simply

Paid in dollars, buying in lira, moving money through Whish and OMT, changing cash at the money changer: it's easy to lose track of whether your business is actually making money. Here's a simple system that works in any spreadsheet.

By Souky Studio · Updated 24 October 2026

Step 1: choose one base currency

Pick the currency you'll measure profit in. For most Lebanese small businesses that's US dollars: prices, rent and supplier invoices are mostly in dollars, and the dollar holds its value. Every transaction is recorded in its own currency and also converted into the base currency, so all your totals add up in one unit.

The 5 rules

1. Record every transaction in the currency it happened in. If a customer paid 2,685,000 LBP, write 2,685,000 LBP, not "about $30". Convert in a separate column.
2. Keep a dated rate log. Note a rate for each day or week you trade, and when you change money, record the rate you actually got.
3. Treat each wallet as its own account. USD cash, LBP cash, Whish, OMT and the bank are separate accounts. Moving money between them is a transfer, not income or an expense.
4. Keep exchange gains and losses on their own line. Then you can see whether the business is making money, or the rate is just moving.
5. Close each month. Count your cash, check wallet balances, and look at income by currency and real profit in dollars.

Step 2: set up your accounts

Give each account an opening balance on day one: count the cash, and copy each wallet's balance from its app.

Step 3: keep a rate log

A rate log is a short table: date, LBP per 1 USD, where the rate came from (money changer, Whish, OMT, bank, supplier) and a note. Two rules keep it useful:

• For a real exchange, use the actual rate. If the money changer gave you 89,800, record 89,800, whatever the official rate was that day.
• For everything else, use one rate per day or week, consistently. Never edit past rows when the rate moves. That's what stops last month's profit from changing every time you open the file.

Our free USD/LBP daily rate log (.xlsx) has this table, a converter, and an exchange-difference calculator.

A week in the ledger (worked example)

Here's one week for a small home bakery that uses USD as its base currency, with an example book rate of 89,500 LBP to the dollar.

Profit for the week: income $210.00 − expenses $168.00 = $42.00, plus a separate exchange loss of $0.30. Notice what isn't in that figure: the Whish withdrawal (a transfer between your own accounts) and the owner's $50 (a drawing, not a business expense). Mixing those in is how a business that looks fine on paper runs out of cash, or the other way round.

Exchange gains and losses, explained

On Thursday, 4,475,000 LBP was worth $50.00 at the book rate, but the money changer gave $49.70. That $0.30 isn't a bakery expense, and the original sale wasn't worth less. It's an exchange loss, and recording it on its own line keeps your sales figures honest.

The same applies to lira you hold. After Thursday, 8,950,000 LBP is still in the drawer ($100.00 at 89,500). If the rate moves to 90,000, it's worth $99.44. At month-end, revalue lira balances at the month-end rate and record the difference as an exchange gain or loss. If that line keeps growing, change lira more often or pay lira-priced suppliers in lira.

The 15-minute month-end check

1. Count the cash in each drawer, by currency, and compare it with the spreadsheet.
2. Compare the Whish, OMT and bank balances with each app or statement.
3. Revalue lira balances at the month-end rate.
4. Look at profit in USD, separately from exchange differences.
5. Check income by currency and by wallet: how much comes in lira, how much in dollars, and through which channel.

Prices and receipts in two currencies

Keep your price list in dollars and quote lira at the day's rate, rounded to a sensible amount. Write the rate on the receipt or in the order message. When a customer pays in lira, you'll know exactly which rate goes in the ledger. If you sell baked goods, our guide to pricing home-baked goods shows how to set the dollar price in the first place.

A note on taxes

Lebanese rules on which exchange rate to use for tax, VAT and official accounts have changed several times since 2019. A spreadsheet keeps good records, but it doesn't decide your tax position. Ask a qualified accountant how to report, and hand them clean records in both currencies. This guide is general information, not tax or accounting advice.

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