Recording foreign currency pledge

Daniel Wallach

We have some foreign currency (USD) pledges from other sources that need to be recorded in RE, with regular payments made. As the FX rate changes, I don't see a way to record an accurate amount of our currency (CAD) for the pledge.

My ideas are to either record this as a recurring gift (so final CAD amount isn't relevant at this point) or record the pledge amount with a note re: the FX rate affecting what we'll actually get in the end, and make adjustments when payments are completed (with a write off/remainder gifts etc).

Any other ideas, or thoughts on the above?

Lucy Ruiz

@Daniel Wallach I would do your best to record the pledge amount in CDN based on the date the pledge is made. Then add a gift note or gift attribute to denote its a USD Pledge, for future filtering, sorting or reporting. Follow through using write off or edit the pledge amount. Let your reporting and discussions with finance help drive your final decision making.

Ange Scott

@Daniel Wallach New Zealand here - We add the NZD equivalent amount as the gift amount, and note the foreign currency amount in the comment/reference field.
When the final figures come through (we generally only get this once a year), I amend the pledge amount to match the actual amount we're getting, so the pledge can be matched to the pay-cash gift.

Daniel Wallach

@Lucy Ruiz @Ange Scott
Thank you both, my main concern was dealing with the pledge amount/final amount received mismatch. For some reason I didn't even consider editing the pledge amount after the fact! That along with the suggestions for tracking/reporting should do just fine.