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Jun 18, 2020 at 01:00 AM

Year end foreign exchange evaluation for bank accounts

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Hello,

The accountant of a US Company has to evaluate the EUR bank account for year end closing with a fixed exchange rate (EUR/USD). This rate is provided by the bank itself in the form of the bank balance in EUR and USD - therefore the accountant has to use this rate to ensure that the bank account (G/L account) matches the amount on the bank statement exactely.

What process should we use to populate this exchange rate for year end evaluation for bank accounts ?

Would you use Post Currency Adjustments ? Could this app be used for all adjustments in currencies exchange rates ?

And is there a way we can access and example of the process ?

Kind regards,

YG