How do I account for FX realized exchange gain/loss

KALsolutions · ‎August 16, 2022

We are using QBO multicurrency. We invoice in USD, however, the customer is paying us in CAD.

Here's how I've accounted for this;

1) Determine FX actually incurred

2) Received USD invoice into USD bank account using FX determined from 1)

3) From bank feed, transfer the CAD funds actually received to USD bank account, again, using FX determined in 1)

Using this method, there is no way to account for FX realized gain/loss.

Does anyone know how to do this correctly?

JamesM4 · ‎August 16, 2022

Hello there,

Welcome to the Community. QuickBooks is a powerful program that helps you manage your work with peace of mind. I'll be glad to share more info so you're on the right track with your work.

Making sure you're recording your transactions properly is an essential step for maintaining clean books. To ensure accuracy in your books, I recommend reaching out to an accounting professional for expert advice on this. If you're not in contact with a professional, don't worry, you can search for one using this link here.

I'll also leave this question open in the Community so other accountant users can share their advice. Otherwise, feel free to ask other questions, I've got your back.

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How do I account for FX realized exchange gain/loss

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