Foreign currency revaluation at year end

Foreign currency revaluation at year end

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Happy new year - 

My first 2014 question.

I have two foreign currency bank accounts to revalue. Just wondering what I should use as my source for the exchange rate to revalue to? Do you normally ask for a rate from your own bank?

- Probably obvious to others, but in previous jobs FX was done corporately.

Thanks

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Euan's picture
By Euan MacLennan
02nd Jan 2014 10:03

O&A

We use OANDA.

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By tom123
02nd Jan 2014 10:21

Perfect

Thanks Euan, I will use that.

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By Jim Ransley
05th Jan 2014 19:04

Foreign Currency revaluation at year-end

I, too, have used OANDA for foreign currency valuations although it is designed more for trading, having "buy" and "sell" rates. For current valuations, where I need to have one rate in place for both receivables, payables, and bank accounts etc., I use "xe.com" which gives mid-market rates. The archive of rates goes back a long way so you may refer to it with confidence on future research without the uncertainty of " was the rate used - buy / sell / mid-point / weighted?"

Good luck  -  I'm also doing mine now for December year-end!

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