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How to record a currency gain/loss on a Customer Payment against Invoice

edited Apr 2, 2020 5:15PM in Ask A Guru 3 comments

We frequently record customer invoices that end up being paid in a foreign currency, so need to record a currency gain/loss when we receive the payment. Here's an example: \

  • 1/31/2019 - Customer Invoice - £50,000, recorded in USD at the exchange rate on that date
  • 3/15/2019 - Payment of £50,000 is made in GBP from Customer and deposited into a USD bank account, at the exchange rate on that date so there is a difference between USD amount on Customer Invoice and USD amount on Customer Payment record.

In Quickbooks we recorded the difference in a Currency Exchange Gain/Loss expense account, but we can't figure out how to do that with the limitations of the Customer Payment transaction type.

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