Readers’ forum: Translation of foreign currency transactions

Readers’ views would be welcomed on the correct method to translate foreign currency transactions into sterling (£). In particular is there one approved method or does anything reasonable go including using whichever exchange rate website a search engine finds?

For instance: dividends received from overseas companies. Many clients use online portals and these sites show the dates the dividends were credited by the portal not when they were declared. And clients sometimes change the foreign currency into £ some time later. Can one use the £ actually received or must the rate at the date of crediting for instance be used.

Some clients have overseas rental properties. Should annual profits be worked out in foreign currency and then translated at an average rate; or should each transaction be translated at its spot rate?

Finally with all currencies there is a difference...