I have all my sales & all purchases as well as all A/R & A/P transactions in USD and Bank accounts maintain for it is also in USD. At the end of the year, I have to translate these values in CAD. What will be the another side entry when total sales & purchases are translated into CAD taking average exchange rate of the year? Same way, what will be the another side entry when A/R, A/P and Bank balance are translated into CAD taking closing exchange rate of the year?
Thank you for your help.
- posted 5 years ago