Exchange gain and loss in quickbooks

Exchange gain and loss in quickbooks

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How does quickbook take care of exchange gains and losses

If a supplier invoices for 120 Euro and the exchange rate is 1.2 to the pound.  The amount booked in GBP is £100

When the payment is made for 120 Euro and say £110 is made due to the fall in the exchange rates.  The creditors balance is showinga realised loss of £10.  How does quickbooks deal with this automatically or do you need journal the loss to the PL manually.

Replies (5)

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By Captainblack
22nd Jan 2014 20:36

Which version of QB
Are you using? Cloud or Desktop?

Csptain

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By Jim100
22nd Jan 2014 23:06

Using cloud

Cloud

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By Captainblack
23rd Jan 2014 07:02

Don't think there is anything automatic

I don't think there is anything automatic to help you. Journals it is.

Captain

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Bobby Chadha
By Bobby Chadha
24th Jan 2014 21:19

Hi Jim,

our Essentials and Plus product both has multi currency functionality.

you can set the exchange rate you want to use yourself on the invoice and when you receive the payment. Or.... You can use our exchange rates that we update daily automatically.

about the fx gain/loss....this is calculated automatically and its even posted automatically in your p&l...simples.

with the cloud product, you get free support, in future if you have any Q's drop the support team a call or chat with them live.

i found this link on youtube explaining the multi currency functionality for you:
http://m.youtube.com/watch?list=PLAwIeC0sUTODfay9r2oDWrTTVZsP1P0SQ&v=ilK...

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Bobby Chadha
By Bobby Chadha
24th Jan 2014 21:20

Cheers and have a great weekend!

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