How to record and afjust within company USD and CDN cash account

by Anonymous
(Toronto, Canada)

Hello

we are Canadian business with Canadian account. I have also opened US account last year and transfer fund from Canadian account. How do I record and where does it go the loss from transferring amount to USD account.

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Hi!

So you're setting up a new bank account. The only problem is how to record that account, because it's in US dollars instead of Canadian dollars. Financial Statements should shown in one currency.

So this is about currency values. I'm afraid this is a little out of my league. I would suggest calling a CPA office, and asking if they could help you with currency valuations on your financial statements.

Sorry I couldn't be of any help. I've never worked with inter-country funds so I can't offer any advice.

Thanks for stopping by my site, however, and I hope the information here can help you in other ways.

Kathy

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