Tax
Foreign Currency Exchange Gain
Recording a gain when settling a foreign currency invoice at a favorable rate.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Accounts Payable | Liability (-) | 1,400.00 | - |
| Cash | Asset (-) | - | 1,350.00 |
| Foreign Exchange Gain | Revenue (+) | - | 50.00 |
💡 Accountant's Note
Common in Jordan for imports. If the JOD/USD rate fluctuates in your favor between the invoice date and payment date, you record a gain.
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