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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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.
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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