Accounting for Foreign Exchange Gain - Non Profit Organisation

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Louis

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My client receives donations and gifts from local and European sources. On the EUR sources, the Association made a Gain on FX. Am I right in accounting for this as a credit in the P&L and debit on the BS as an Equity entry? I use Quickbooks Accountant Edition.
Thanks.
 
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ActonyInc

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Yes, If you are the knowledgeable accountant means you can book the entry.
 
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