Forex Bank Refund Entry

Forex Bank Refund Entry

Hello,

please advise how to enter refunds from our bank forex department.  The refund was because we were on preferential rates but at the time of USD purchase were not given the preferential rate, therefore the bank calculated the excess that we paid for USD and refunded.

Our accountant advised as follows, is this method correct?
Open an account for Forex gains and forex losses and allocate to this account (depending on it being a forex gain or loss) > Account should reflect under other income and general expenses respectively.

Thank you

      Zoho Developer Community








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