We have invoiced in GBP, received in USD. How to record this transaction including Exchange gain/loss?

Hello there, @SB8

Thanks for posting in the Community space. I'm here to guide you were to record the transaction in QuickBooks.

First, we'll have to create a customer with GBP currency, here's how:

1. Go to the Sales menu then select Customer.
2. Click New customer button.
3. Fill in the necessary information.
4. Under Payment and billing click This customer pays me with select GBP British Pound Sterling in the drop-down.

Then create the invoice, here's how:

1. Select + New.
2. Click Invoice.
3. From Customer ▼ dropdown, select the new customer created. Make sure all of their info is correct, especially their email address.
4. Enter the necessary details.
5. Select Save and send.

Once you're done, you'll need to receive the payment using USD Bank.

Also, the exchange gain and loss are automatically recorded depending on the exchange rate of your invoice.

I'm adding these resources for reference:

•  Frequently Asked Questions about Home Currency Adjustments.
• Enter an exchange rate
• About exchange rates

Let me know in the comment section down below if you have any other questions. I'm always happy to lend a helping hand.

Record the transaction, as an exchange for us currency, and a a new cash transaction, with a the cash transaction charge tax as local amount, the person you sent the invoice should expect it to be taxable amount trade only on profit, .