Accounting for Foreign Exchange Gain - Non Profit Organisation

[Louis]

My client receives donations and gifts from local and European sources. On the EUR sources, the Association made a Gain on FX. Am I right in accounting for this as a credit in the P&L and debit on the BS as an Equity entry? I use Quickbooks Accountant Edition.
Thanks.

 

[ActonyInc]

Yes, If you are the knowledgeable accountant means you can book the entry.