07-07-2010, 05:05 AM
<i>My question is how should we record them? Which date's exchange rate is to be applied and which one; buying or selling?</i>
You can have agreed and fixed internal average rate in company, so use it in case.
Was examples when was used date, when expenses were done, if not agreed that will be used date/rate last item in expenses sheet in case bulk income. Check your bank rate or use World Bank rates for date applied for item in expenses sheet. Make search in internet, if will not find usable send me request.[8D]
Also you can ask employee to provide rate proved document.
By the way each item in bulk - expenses sheet - should have proof document receipt, bill or any other proved document.
<i>The second question is related to the purchase of Foreign Currency.</i>
At the end of each month check rate changes and make record to increase or decrease values on expenses account, we are using special defined Over&under Exchange Rate Estimation account.
You can have agreed and fixed internal average rate in company, so use it in case.
Was examples when was used date, when expenses were done, if not agreed that will be used date/rate last item in expenses sheet in case bulk income. Check your bank rate or use World Bank rates for date applied for item in expenses sheet. Make search in internet, if will not find usable send me request.[8D]
Also you can ask employee to provide rate proved document.
By the way each item in bulk - expenses sheet - should have proof document receipt, bill or any other proved document.
<i>The second question is related to the purchase of Foreign Currency.</i>
At the end of each month check rate changes and make record to increase or decrease values on expenses account, we are using special defined Over&under Exchange Rate Estimation account.
