Fx Gain or loss

Hello there, @Monica1991.

I'll share some insights about foreign exchange gain or loss in QuickBooks Online (QBO), so you can manage your currency and transactions accordingly.

In QBO, foreign exchange gains or losses are profits or losses that have occurred on paper due to changes in exchange rates. Then, they're realized after the transactions have been completed, when money has been collected or paid.

You can check out this article for the complete details and to answer the most commonly asked questions about currency when using the multicurrency feature in QBO: Frequently Asked Questions about Home Currency Adjustments.

Moreover, in case you don't want to have exchange gains or losses in QBO, you'll want to make sure the exchange rate is the same for the invoice and payment.

Also, you may want to check out this article as your reference to guide you in doing business in foreign currencies using QBO: Use multicurrency in QuickBooks Online.

Let me know if you have other multicurrency concerns or questions about managing transactions in QBO. I'm always ready to help. Take care, and I wish you continued success, @Monica1991.

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@Monica1991 wrote: AvalonAccess Login

We are a Canadian company and we use our USD bank account for sending or receiving money from clients that are in US, but why does QBO automatically enters fx gain or loss?

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I appreciate the information and advice you have shared.