Sometimes in our company, we need to convert some GBP to USD and vice versa. GBP is our reporting currency. We use our bank to provide the service but what is the best way of representing this on a general journal. For example, I want to convert £5000 in our GBP bank account to USD $ at the rate given by the bank. There is usually a bank fee as well. Am I reading too much into this and it is just a simple credit from 1 bank account and a debit into the other bank account?
Would the same principle apply on say a EUR to USD conversion considering the reporting currency is GBP.
