How do I enter a Foreign Currency payment Amount ?

Question

Example i had a  US $100.00 Pledge and got a Canadian check of  $100. that today equals to a USA $77  how do i enter it ?

coincidence i had today a tuition payment also with a Canadian check how would i enter that as well ?

Answer 1

As all your accounting and reporting go with US dollars you would need to enter the actual dollar amount that you got when you deposited it in to your account.

But because you want to also keep a record that this person sent you $100 canadian dollars you also fill in the foreign currency type and amount.

Comments

Thanks for your quick response

but when i re-consolidate my deposits it doesn't match because i deposited $100 and the bank shows $77 what is the correct way of reporting this ?

i just realized in fundraising a column Foreign Amount and Foreign Type (would that calculate it for me as well ?)  

and i dont see those colums in tuition

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As instructed above, the amount is supposed to be whatever you can deposit, Just to keep the info of what they sent you enter the foreign currency and amount in the foreign columns.

In tuition you would just put a note.