Re: Currency Conversion
This WebDNA talk-list message is from 2003
It keeps the original formatting.
numero = 53458
interpreted = N
texte = Donovan Brooke wrote: > Is there a resource out there that anyone knows of that > a WebSite admin can do a TCPconnect to to grap a price > converstion? Perhaps an "updated-daily" multiplier based > on lets say, USD? I'd appreciate any comments while I > search google the web. If you are US based, please speak to an accountant before trying to do this. US tax law requires specific procedures/documentation with regard to currency conversions. IANAL (or an accountant), but as I understand it, you must document a policy of what conversion you are applying (for example, currency conversion rates as reported by the Wall Street Journal on the first Monday of the month unless that is a Federal holiday, blah, blah, blah). Then, if you have outstanding A/R crossing that boundary, you must maintain the conversion rate in effect at the time of sale and then reconcile the foreign currency into USD when actually received. Or something to that effect. Don't quote me! ;~) It is not as straightforward as you would hope, which is why a lot of site's let the creditcard company deal with the actual conversion and only deal in their local currency. If you are only looking for an approximation to put on the page, you should probably not try and update it constantly. HTH John -- John Peacock Director of Information Research and Technology Rowman & Littlefield Publishing Group 4501 Forbes Boulevard Suite H Lanham, MD 20706 301-459-3366 x.5010 fax 301-429-5748 ------------------------------------------------------------- This message is sent to you because you are subscribed to the mailing list
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Donovan Brooke wrote: > Is there a resource out there that anyone knows of that > a WebSite admin can do a TCPconnect to to grap a price > converstion? Perhaps an "updated-daily" multiplier based > on lets say, USD? I'd appreciate any comments while I > search google the web. If you are US based, please speak to an accountant before trying to do this. US tax law requires specific procedures/documentation with regard to currency conversions. IANAL (or an accountant), but as I understand it, you must document a policy of what conversion you are applying (for example, currency conversion rates as reported by the Wall Street Journal on the first Monday of the month unless that is a Federal holiday, blah, blah, blah). Then, if you have outstanding A/R crossing that boundary, you must maintain the conversion rate in effect at the time of sale and then reconcile the foreign currency into USD when actually received. Or something to that effect. Don't quote me! ;~) It is not as straightforward as you would hope, which is why a lot of site's let the creditcard company deal with the actual conversion and only deal in their local currency. If you are only looking for an approximation to put on the page, you should probably not try and update it constantly. HTH John -- John Peacock Director of Information Research and Technology Rowman & Littlefield Publishing Group 4501 Forbes Boulevard Suite H Lanham, MD 20706 301-459-3366 x.5010 fax 301-429-5748 ------------------------------------------------------------- This message is sent to you because you are subscribed to the mailing list . To unsubscribe, E-mail to: To switch to the DIGEST mode, E-mail to Web Archive of this list is at: http://webdna.smithmicro.com/
John Peacock
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