Virtual Coffee Break - Chat
in Business, Accounting & Taxes ·
amberdrifter14 said:Kudos to them... !!!!
Good grief, I’m starting to feel the panic myself...
which is precisely why I handed off all the Intrastat responsibilities to my freight forwarder 🤣
Hey everyone,
I'm a beginner and I've run into a bit of a snag with recording exchange rate gains and losses. It's not that I don't know how to enter them, it's more that I haven't been doing it all year, even though I've had monthly USD payments coming in from outgoing invoices. Can I just catch up and record everything now? Since I need to close out the fiscal year, I'd appreciate your take on the best way to handle this. Also, could someone clarify one thing: when I receive a foreign currency payment, I use the Federal Reserve rate for that day, which creates the exchange differences based on the invoice amount. But here's my question: when we actually exchange the currency, the bank credits our USD account using their own selling rate. When I'm looking at the bank statement, should I still be using the Federal Reserve rate? My accounting software keeps asking for a specific rate (popcorn).
Thanks for the help,
🙂