USA Asset account discrepancies and multiple currencies

Joined
Dec 23, 2018
Messages
14
Reaction score
0
Country
Canada
I use waveapps.

I convert my monthly amazon ca sales to USD using the monthly CAD/USD avg exchange and enter this value in my Amazon ca holding account (asset). This is to account for my cash balance held in Amazon.

Waveapps converts foreign currency to USD based on the transactions day spot rate.

When Amazon ca deposits funds to my CAD bank I treat it as a transfer from Amazon ca holding to CAD bank.

However, there will be a discrepency between my amazon ca holding account and my cad bank because the currency flucations.

How should I resolve this?

I drew a diagram showing situation:
 

Attachments

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Members online

No members online now.

Forum statistics

Threads
11,648
Messages
27,605
Members
21,429
Latest member
Accounting201

Latest Threads

Top