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Posted: Fri Nov 09, 2012 5:33 am Post subject: Forex Question
Hi all
I have a question regarding forex treatment in relation to a bank account balance at year end.
We invoice customers in USD throughout the year and have a USD denominated bank account for receiving payment.
In accordance with guidance from HMRC 'Notice CFM10512 - Currency transactions and accounting' we translate all sales at the average exchange rate for the month in which the customer is invoiced.
At year end there is a difference between the balance in the USD a/c per the bank statement when translated to GBP at the month end rate and the balance I have in my accounts.
My question is do I use the balance per my accounts and post the variance between that figure and the bank balance figure as a FX gain/loss or is there a different treatment that I need to adopt?
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