Foreign Currencies Bookkeeping Question
I have a new client who deals in US $ and does not need to exchange into CAD $ as he pays his expenses, salaries etc. all in US $.
I am writing from Canada. Where should I get the exchange rate from for recording the transactions as the books have to be kept in CAD $.
I was thinking of the Bank of Canada noon rate. Are there any rules with CRA regarding this?
Foreign Travelling Pastor Bookkeeping
I do the bookkeeping for a consultant/pastor and she travels oversees to minister/teach. She never requires or asks for any compensation when she goes, but if she receives money does she have to claim that as income?