Hi Ryan,
You're looking at manual adjustments. If it was my company, I would get the Multicurrency module. MC deals with these situations described with nominal effort.
You have other issues other than processing and accounting for the exchange, including revaluations and subledger reporting, that are beyond the manual adjustments.
It's funny how many client sites attempt to create a series of workaround processes to deal with Multicurrency, and how much effort it continually takes (daily and monthly), when the easiest and fairly affordable solution is just buy the module.
Best,
Brian