[OSGeo Finance] Canadian funds account

[Ken Tamura]

My two cents.  The spirit of the group is a 'non-for-profit' and having large amount of funds in the account will likely not be a major driver over the long term.

However, for accounting records and reporting purposes, you can just take the current USD/CAN valuation at the time of report and show the USD equivalent report (i.e., you can report in either currency). I imagine Quickbooks can do this. 

If there are major swings in the exchange rate, often we would show the a proforma report showing the effects of the rate in a note in the financials.  


Ken Tamura
AEC Division of Autodesk, Inc.
415-547-2114 (w)    415-299-1704 (c)


-----Original Message-----
From: finance-bounces at lists.osgeo.org [mailto:finance-bounces at lists.osgeo.org] On Behalf Of Tyler Mitchell
Sent: Monday, October 05, 2009 5:21 PM
To: finance at lists.osgeo.org
Subject: [OSGeo Finance] Canadian funds account

Hi all,
I've been continuing to try to move all our accounts to one bank (local, to
me) but hit several slight snags, but one big one. Basically, it appears
that our payroll provider cannot auto-debit the US funds account I set up
with TD Bank. There are a few quirks like this with the Canadian Banks' USD
accounts.

The only way I could have them direct debit, like we do currently with our
Wells Fargo US account, is to have a Canadian funds account they can draw
from. So I discussed it with my account assistant at the bank and decided it
would be best to set one up. I haven't used it yet but it is at least now
available.

What I'm wondering is any advice on handling and tracking the USD -> CAD
conversions that will no doubt complicate my book keeping. Ken, or anyone
else, had to deal with this before? 

So far we've had 100% USD accounts and I've been keen to not alter this.
Another issue worth debate may be whether USD is going to devalue over time
and our funds might be better in a CAD account or in a GIC until needed.
That said, our balance isn't as large as it used to be...

Tyler


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