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USD to CAD translation entry

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.
Regards,
Jayesh
Reply to
jayesh
"jayesh" wrote in message news:dc60d$550ca057$41b57997$ snipped-for-privacy@news.flashnewsgroups.com...
I have a similar situation. I keep all sales for CAD and USD in separate income accounts and separate CAD and USD expense accounts using CAD and USD accounts receivable and accounts payables.
Your accountant should be able to simply make an accounting adjustment for foreign exchange gain or loss at the year end using the average Bank of Canada exchange rate.
As far as I know you do not have to modify the A/R and A/P and bank balances for income tax, only revenue and expense accounts, unless needed for balance sheets.
All such year end adjustments should be done with the approval or involvement of an accountant, to ensure that they are done according to accounting standards in order to satisfy CRA.
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