[GNC] Exchange rate of income statement report

[Michael or Penny Novack]

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