Currency exchange help!

[ss_storm]

feeling rather dumb at the moment

Reconciling DF's business accounts atm and there are some PayPal transactions for overseas purchases. My dilemma is that there was USD money in his PayPal account so PayPal didn't need to convert AUD to USD before sending the funds, the thing is I need to convert it so I know how much he paid in AUD but PayPal only says the USD amount.

How do I convert the amounts? I can't use an online currency converter as I have the old exchange rate for that day so can't use the exchange rate for today as it's significantly different.

I hope that makes sense..please help a math's dummy

[UntoldAngel]

I think all you need to do is USD divided by the exchange rate (that you have for the day the funds were processed) and it will equate to AUD
I could be wrong though, when I do international banking, we select the currency and input the amount, then it converts it to AUD for our statements so it is pretty straight forward as there will be no GST component
HTH

[wysiwyg]

As long as you have the days rates should be fairly straightforward

e.g. if you had spent 10 USD and the rate was 1.13439 AUD then if you do

10 x 1.13439 = 11.3439AUD

If you are always converting USD to AUD then your conversion rate should always be over one I reckon.

[wysiwyg]

Also as Belle says if you have the exchange rate the other way then you do the amount divided by the exchange rate

e.g.

10 / 0.881528 USD = 11.3439AUD

[ss_storm]

I think the 2nd way is the way I need to do it wysiwyg, the way Belle said. I just know I need the AUD amount to be more than the USD amount. Normally it's fine because PayPal lists the conversion from AUD to USD, but in this case someone paid him in USD so it just took the USD dollars ITMS!

I hate paypal sometimes..lol.

Thanks heaps, will go do the sums now

[krysalyss]

I use the XE online currency changer because I am not that bright. Ha ha!