Harlan Lunsford wrote:
- quote -

The OP mentioned official rate. Frequently firms and
government organizations post official rates for recording
transactions. If transactions are recorded correctly then
any subsequent adjustments to the correct rate. But this is
an international accounting system issue. Frequently banks
in the same city use different exchange rates. I remember
long lines outside a branch of a large french bank in the
sixties. In Richmond, a client deposited a $100, Canadian
traveler's check, properly noted and highlighted, on a
separate deposit ticket to his local bank account US$. The
bank credited him with $100US and made no subsequent
adjustment.

Since this was a bank that liked to repeatedly tell him how
big and important they were he decided they must know why
they entered the transaction the way they did.

--
Frederick E. Jorden http://Tax-Accounting-Payroll.com
7825 Midlothian Tpk - 207 Richmond, VA 23235-5247
EMAIL knowtax[at]bigfoot.com
(804) 320-6210 FAX (804) 320-6211

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Frederick Jorden wrote:
- quote -

I'm puzzled at just what may BE an official rate. After
all, when we land at the airport, the rate depends on
whether or not we're buying (we are at that time) or
selling (when we leave to come back.) In between however,
most banks, at leaslt in the UK, are pretty consistent, even
though the rate does vary each and every day.

For my purposes then, I simply look at my credit card
statement when I get back.

ChEAr$,
Harlan Lunsford, EA n LA
Sun, 16 Jan 2005

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Den wrote:

- quote -

http://www.oanda.com/convert/fxhistory

While the above provides historical rates, are they official?

--
Frederick E. Jorden http://Tax-Accounting-Payroll.com
7825 Midlothian Tpk - 207 Richmond, VA 23235-5247
EMAIL knowtax[at]bigfoot.com
(804) 320-6210 FAX (804) 320-6211

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I have been using www.oanda.com for many years. It can
convert any currency into any other currency on a daily
basis. This is very helpful when your client has been in a
country for only a week or three.

Linda Dorfmont E.A., CFP, CSA

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Den wrote:

- quote -

Lanny Williams, CPA
Nawarat, Williams & Co., Ltd.
Income Tax Services for Expatriate Americans

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- quote -

What is wrong with the exchange rates for specific dates
from this site?

<http://www.x-rates.com/cgi-bin/hlookup.cgi
--
Best regards
Han
email address is invalid

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Den wrote:

- quote -

The IRS has no official foreign exchange rate. Many of the
embassies around the world have used an average based on the
rates posted at the State Dept. IRS regulations 1.905-3 and
1.988 require taxpayers to translate foreign income into
dollars on the date of payment. Other regulations require
that you not distort income. For practical purposes, a
taxpayer may use an exchange rate that reasonably reflects
income. E.g., a wage earner can use a yearly average with no
problem. A self-employed individual with uneven income by
period would usually use date of payment. The IRS will
accept any posted exchange rate that is used consistently. I
usually recommend that one obtain the exchange rates from
the U.S. Federal Reserve.

See the following link for their database:
http://research.stlouisfed.org/fred2/categories/15

--

Alan
http://taxtopics.net

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At the IRS website in the US Embassy in the UK
(http://www.usembassy.org.uk/irs/irsxchng.htm) a table of
'Official Exchange Rates 1994/2003' exchange rates is shown.
These rates are annual exchange rates, not daily.

Does anyone know where these 'Official Exchange Rates' are
published, other than at the US Embassy in the UK's website?

Cheers

Den

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