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-   -   Foreign check (https://www.askmehelpdesk.com/showthread.php?t=106831)

  • Jul 4, 2007, 07:50 PM
    goal
    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.
  • Jul 4, 2007, 08:15 PM
    bhet
    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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