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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