A very small client sells on Amazon , all transactions in USD, problem is no bookkeeping in place and I have to do annual accounts plus tax return.
Question is how do I account for Currency exchange differences( gain /loss), as Amazon reports just show total fortnightly sales, charges/fees and deposit amount to client. Ideally exchange rate difference should be calculated as difference between rate on day of sale and the rate money was received by client. Similarly exchange rates differences for expenses/fees.
Obviously this is not possible due to lack of bookkeeping, was thinking to work our exchange rate difference as rate for the day on Amazon report and rate when money hits bank account?
Any suggestions please ?thanks in advance.