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General Accounting Discussions: Foreign Conversion

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    • CommentAuthorresearch
    • CommentTimeJun 3rd 2008
     
    We purchased foreign currency to pay for a project over a specified length of time. The project budget changed and we had to buy an additional amount of foreign currency. Typically we would have just had to use the initial rate of exchange when we had to convert the invoice from US to the foreign currency. Now we have two rates and have to take these two rates in to consideration when converting the invoice.

    The invoices won't be nice and clean so we can use the first rate of conversion and then for the balance, use the second rate of conversion.

    Would anyone have any suggestions as to how to convert the invoices from US to the foreign currency, using the two different conversion rates?

    Thanks for any and all suggestions.

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