CPAnet Forum: Cayman Currency Conversion

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Accounting. Audit and Tax
CPAnet Forum : Accounting. Audit and Tax

Topic: Cayman Currency Conversion (

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loskers
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Joined: 06 May 2008
Online Status: Offline
Posts: 1

Posted: 06 May 2008 at 17:18 \| IP Logged

We have the opportunity to run a hotel in Grand Cayman. However as the majority of revenue would be US Currency we have two options for paying vendors and employees. One is to pay them in Caymanian Currency (CI) which means moving money from a US account to a CI account. Option two involves paying all in US.

Example: We can pay $8,000 CI or $10,000 USD. The net result is that the US account still decreases by $10,000 in both scenarios (i.e. $10,000 USD converts to $8,000 CI). The question is which choice will put us in a better financial position?

katiameza
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Joined: 10 Mar 2017
Location: United States
Online Status: Offline
Posts: 1

Posted: 10 Mar 2017 at 02:26 \| IP Logged

Running a hotel is great responsibility.And attracting
customer is a policy of collecting revenue for the
expenses of your hotel.Yo may arrange Personal Concierge
Service, Travel agents, websites for the hotel and
currency issue can be discussed with higher authority of
financial system so that you can change your currency.
Personal Concierge
Service

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katia

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