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Do FX Rate Providers Have Same Rates?
Hi Gurus!
Some questions around fx rates plates.
Scenario: Base currency of a sub is USD. A foreign currency bill is received on day 1 and recorded. NS uses its table's rate to convert it to base currency and records a USD amount in the GL.
On day 2 the bill is paid. NS uses day 2's rate to record the transaction. Any difference goes to the realized gain/loss account.
Sub has the bank send a wire to the vendor on day 2 in foreign currency (FC). Bank uses its own day s rate and converts the FC payment to USD and deducts it from sub's bank.
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