Hello there, @daNiSMors. I'm here to share some details on avoiding FX loss for non-home currency transactions.
To avoid this, let's ensure that the exchange rate is the same as the invoice and payment transaction. You'll need to open the payment transactions and edit the exchange rate to match it with the vendor invoice exchange rate. That way, the gain or loss will be canceled.
You can refer to this article to learn more about home currency adjustments: Enter home currency adjustments for your foreign balances.
You can pull up the following reports and customize them if you want to view the unrealized gains or losses in your company:
- Profit and Loss report
- Balance sheet
- Customer Balance Detail report
- Vendor Balance Detail report
- Statement of Cash Flows
Here's how:
- Go to the Reports.
- Locate and open the report.
- Select Customize.
- From the Customize report window, open the Rows/Columns section and select Change columns.
- Tick the Unrealized Gain or Loss checkbox.
- In the Aging section, under the Aging method, select Report date.
- Select Run report to save changes.
For more details, please refer to these articles:
Please let me know in the comment section if you have clarification on managing currencies in QuickBooks. I'll be happy to assist you anytime. Take care!
