I've been working in the financial field for... two years, about.
I still don't understand foreign exchanges.
I understand them conceptually, I get that some currency is valued differently than other currency. But I don't know how to book them.
What does an exchange rate of 1.2235 for CAD mean? Is that 1.2235 CAD for every 1.0000 USD? I think so, that seems right, USD is worth more than CAD...
But what if you're going the other way? Then the exchange rate is 0.81733.
Also, on the reporting they give two numbers. 5,143,500 and 4,203,923.17. Which one's which? They don't provide an exchange rate on the report. I need to check a whole separate document for that.
Inefficient? Yes.
I feel like I'm in sixth grade and learning about decimal numbers again. I need some sort of FX worksheet.
-t
Oh, also, my password's locked, so even if I figure out which way to book these I can't.
recommended download:
The Raconteurs, Steady As She Goes
4 comments:
I tried to re-learn fractions the other week. that sucked.
It's counter-intuitive that fractions are hard to understand.
They're just smaller parts of numbers, how can they be harder than figuring out entire numbers, you know?
-t
Decimals are just pieces of numbers too. :-p
I hate it when I have to remember an integral.
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