Foreign Exchange

SOLVED

Or accountant would like us to set up Foreign Exchange in our books.  We have already closed 2019 and Posted for Jan 2020. 

98% of our inventory is US$

We sell to both CDN and US customers

In the past I prepare a year end JE to convert the US$ Sales, Bank, AR, AP to CDN.  Which I guess could be done within Sage if FX set up.

One problem is we sometimes  Pay our US$ customer out of our CDN bank account via Western Union, as we don't always have enough US$ in the US$ bank account.  At that time I take the diff between US and CDN and book the FX to our COGS directly.  So if I set up FX to use in Sage I am not sure how I would account for the Payables that are sometimes paid from out CDN bank account.  

Thanks

Top Replies

Parents
  • 0

    Hello,  we were in the same situation and when our U.S sales was growing and growing and our accountant just did the conversion at the end of year.  But we will be setting up the Exchange starting soon.  It's going to be a mess I know. Would love to chat.  We are in the Niagara area and we are in the beauty distribution. Let me know.

    Thanks,

    Maria

Reply
  • 0

    Hello,  we were in the same situation and when our U.S sales was growing and growing and our accountant just did the conversion at the end of year.  But we will be setting up the Exchange starting soon.  It's going to be a mess I know. Would love to chat.  We are in the Niagara area and we are in the beauty distribution. Let me know.

    Thanks,

    Maria

Children
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