On 10/15/2020 7:23 AM, Gal wrote:
Michael or Penny Novack wrote
Meanwhile, Gal, please explain something to me. If you wanted dollar
amounts converted to shekels as of the date of the initial transaction
(frozen as of that date) why entered in dollars rather than shekels?
Actually, I'm in the middle of my evaluation of whether I should use a
single main currency for all expense accounts, or split them per currency as
I demonstrated in the original post, and I'll by happy to expand the
discussion to this subject as well.
Well, this was the P&L report, one of the uses being when filing out tax
forms (this is a case where the name usually used for the report depends
on the form of the entity for which the books being kept)
So ........ what do the tax codes of the US and Israel have to say about
currency conversion dates? For example, suppose you had a dollar expense
that was deductible on Israeli taxes. As of what date must the
conversion to shekels be done. Now vice versa. How about if the two
jurisdictions don't agree? For the more general situation, consider any
other pair of countries.
Michael D Novack
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