Asset account discrepencies [picture]

dontworryaboutitdontworryaboutit Member Posts: 20

I convert my monthly amazon ca sales to USD using the monthly CAD/USD avg exchange and enter this value in my Amazon ca holding account (asset). This is to account for my cash balance held in Amazon.

Waveapps converts foreign currency to USD based on the transactions day spot rate.

When Amazon ca deposits funds to my CAD bank I treat it as a transfer from Amazon ca holding to CAD bank.

However, there will be a discrepency between my amazon ca holding account and my cad bank because the currency flucations.

How should I resolve this?

I drew a diagram showing situation:


  • BarsinBarsin Administrator Posts: 2,041 admin

    Hey there @dontworryaboutit

    I wonder if you can use the split transaction function and assign the rest to a unrealized gains or losses account?

    Otherwise create a journal transaction to do something similar once you've calculated the amount that has transferred into your account.

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