Foreign Currency end of year adjustments
lohm
Member Posts: 1
Hi all,
Having a discussion with my accountant about how to adjust foreign currency exchange at end of fiscal year. The trial balance is correct but the reconciliation of the $US bank account is off by the exchange rate to $CAD.
What is the proper way to acknowledge exchange fluctuation on invoices created and paid in $US but need to be reconciled both in the trial balance and the individual $US bank account?
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Comments
I was expecting the opposite, trial balance incorrect but reconciliation good. Usually, reconciliation is easier, because you do everything in one currency and in one account.
Hey @lohm , we have a FAQ guide on Foreign Currency that should be able to answer any and all of your questions.