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Home > Business & Careers > Accounting   »   Foreign check

 
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Old Jul 4, 2007, 06:50 PM
goal
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Foreign check

Receiveing a check from overseas, the amount not always equal to the amount due because of the exchange rate, how can I count for the difference in the book.

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Old Jul 4, 2007, 07:15 PM   #2  
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yes the rate would always affect the amount.

the difference would be accounted for as gain/loss on foriegn currency translation.

if the current amt is higher than what is recorded, then it would be a gain. if it is lower, then a loss would be recorded on the date of exchange.
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