Agent WranglersPAY-67Recommended
Record the rate and settled amount of every charge
For each charge, refund and fee in a foreign currency, store the amount the customer paid and the provider's exchange rate. Store the amount you received too.
How to do it
Your books are kept in one currency, but customers pay in many. The provider converts each charge and reports the rate and the net amount in its balance transaction. Copy both into the ledger row in Record every money movement in an append-only ledger. Never compute them yourself from a public rate, since the provider's rate and fee differ. Report revenue from the settled amounts. A refund converts at a later rate, so the difference is an exchange gain or loss. Book it on its own line.
How to check
For every ledger row of the last month whose currency differs from the settlement currency, the settled amount and the rate are filled in. The sum of settled amounts per payout equals the payout.
Sources
Related rules
- PAY-21 Record every money movement in an append-only ledger in Payments and billing
- PAY-68 Refund in the currency the customer paid in Payments and billing
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