In Ledger, currencies can co-exist in the same account, so all you need is this:

D 1,000.00 AUD
D 1,000.00 EUR

2009/01/01 First sale
       Assets:Bank                              10000.00 AUD
       Income:Sales

2009/02/01 Marketing (1 EUR = 2.00 AUD)
       Expenses:Marketing                        2000.00 AUD
       Liabilities:Accounts Payable:EUR         -1000.00 EUR

2009/03/01 Pay Marketing Invoice (1 EUR = 1.95 AUD)
       Liabilities:Accounts Payable:EUR          1000.00 EUR
       Assets:Bank                              -1950.00 AUD

Ledger will compute the exchange rates for you, and both balances and -X AUD 
should produce what you expect.

John

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