Canadian Exchange Rate Partial Year

[David]

TP worked in Canada through the end of May. Historical averages always give the average for the year.

Does anyone have a good source that will give an average through a particular date, e.g. through 5/25/15?

If not, what do any of you do who have this situation?

If no better suggestion, I am thinking of using the exchange rate as of 5/25/15 and 12/31/14 and dividing by 2 to get the average through 5/25/15. Does anyone see a problem with this method?

Thanks.

[Gail in Virginia]

For some purposes, IRS requires use of rates at this site:  https://www.fiscal.treasury.gov/fsreports/rpt/treasRptRateExch/treasRptRateExch_home.htm.

I think that the treasury site will give averages on a quarterly basis.  Not sure if it supplies rates on a monthly average, or on an odd period like five months.

[Lion EA]

You also have the option of using the exchange rate on the date of each transaction.  If TP was paid monthly, use the rate on each pay date.  (I wouldn't do that in April, but you could tell the client to provide the US dollar equivalent to you.)

[Catherine]

X-rates and Forex both provide historical lookups by date, going back years and years.  I use it all the time.  You are supposed to use the rate as of the transaction date, not an average.  yes, we use averages for when we don't *have* dates.  When I get specific dates, I do the exchange per date and charge for the time it takes me.