How to enter foreign currency expenses
Hi,
Most of my expenses are in USD.
I’d like to help my accountant as much as possible so I’d like to use the exchange rates from Revenue.
How should I enter the difference between the Revenue exchange rate and the actual amount that is on my bank statement?
Let me put to that to our accounting team and I'll get back.
Pete
Here are the rates: http://www.revenue.ie/en/practitioner/ebrief/2015/no-382015.html
These are the Average Market Mid-Closing Exchange Rates supplied by the Central Bank of Ireland.
So again: I have expenses in USD or GBP that will be entered with the Revenue rate but won't match to my bank statement. How would I enter the gain or loss if it cannot be taken into account as expense?
Thanks, Jozsef
Did you get any update on this? In the meantime I got the same information confirmed in the Revenue office in person. Thanks
I'll ask now, don't know how I missed that.
Match your FX with the rates the bank gave you. They're referencing you closing your accounts.
The FX rates are set by the market not Revenue. Your bank account has to match your accounts.
Just stick with the rate the bank gives you.
Thanks Pete