Savings Account in UK

[taxdan]

Clients have savings account in UK and earned small amount of interest reported in British pounds. Does anyone know how to convert this since it was earned throughout the year?....or is the conversion simply done on the amount at each date paid...monthly I would imagine.

Thanks!

Dan

[grandmabee]

Clients have savings account in UK and earned small amount of interest reported in British pounds. Does anyone know how to convert this since it was earned throughout the year?....or is the conversion simply done on the amount at each date paid...monthly I would imagine.

Thanks!

Dan

I would convert when paid. Goggle conversion and the website will come up. Can't remember off top of head.

[Evan S. Golar]

Clients have savings account in UK and earned small amount of interest reported in British pounds. Does anyone know how to convert this since it was earned throughout the year?....or is the conversion simply done on the amount at each date paid...monthly I would imagine.

Thanks!

Dan

I have a client who comes from the UK, that now resides as a citizen in the U.S.

I use the 12/31 values provided by the various exchange rate services. The 12/31/07 conversion rate I used was 1.98 from British pounds to U.S. dollars.

[taxdan]

Thank you for your responses. Since it is such a small amount I think I will just use the 12/31/07 conversion rate.

[Linda Mathey]

I have a client who comes from the UK, that now resides as a citizen in the U.S.

I use the 12/31 values provided by the various exchange rate services. The 12/31/07 conversion rate I used was 1.98 from British pounds to U.S. dollars.

Try the website www.oanda.com. It is free and does a great job converting based on specific dates or yearly average.