Hi,
For a currency exchange provider:
1) Do I need to keep notes and bills (foreign) as inventories? Or just keep them as cash in banks?
2) When office has some cash on hand (1,000 Euro for example equals to 1,450 CAD) and after few days it transfers to its Euro bank account at that time it is 1,500 CAD valued, what would be the transaction entry IF I keep bills as inventory items?
3) For daily exchanges, for example USD/CAD buys and sells daily few times, what are the transaction journal entries? Do I need to use Sales receipts (then inventory) or Expense or Transfer or something else in QuickBooks Online?
4) Is QBO a suitable software for a currency exchange office accounting and bookkeeping? any other software suggestion.
Thanks a lot,
