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Post Info TOPIC: Exchange Differences
Newbie66


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Exchange Differences
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Hi there - do you guys generally set up a separate code to account for exchange differences or do you put it down to bank charges.

I guess the problem with coding it to bank charges is that you might have a credit amount if they are in your favour.

Any help would be greatly appreciated!



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Ridesy


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Hi,

We have a lot of exchange variances for our business as we buy in USD and sell in Euros.

We have an Exchange Loss code under Other Expense and an Exchange Gain code other Other Income and would certainly not use bank charges or another code for this as we like to indenify the actiual gains/losses purely down to exchange rate variances.

Ridesy



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Newbie66


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Thank you - that really helps

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