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    goal's Avatar
    goal Posts: 1, Reputation: 1
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    #1

    Jul 4, 2007, 07:50 PM
    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.
    bhet's Avatar
    bhet Posts: 77, Reputation: 9
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    #2

    Jul 4, 2007, 08:15 PM
    Yes the rate would always affect the amount.

    The difference would be accounted for as gain/loss on foreign 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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