Foreign Exchange Gain or Loss (advanced)
This video shows how to calculate a foreign currency gain or loss on an export sale when the company's fiscal year-end occurs before the company collects the payment. This is more complicated than the typical scenario because it requires an adjusting journal entry to be made on the Balance Sheet date to account for any foreign currency gain or loss at that time. Then when the payment is collected, an additional foreign currency gain or loss may be recognized.
Companies typically categorize foreign currency gains or losses as "Other Income" or "Other Expenses."—
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Watch video Foreign Exchange Gain or Loss (advanced) online without registration, duration hours minute second in high quality. This video was added by user Edspira 22 March 2020, don't forget to share it with your friends and acquaintances, it has been viewed on our site 16,565 once and liked it 181 people.