Loss on foreign exchange

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  • Updated 2 years ago
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Hi,

I live/work in Australia but regularly receive payments from NZ and Japan.  If I issue an invoice for AU$500, due to the whole foreign exchange thing, the actual amount that arrives in my bank account will never be $500.... it's always off by a few dollars.

Currently I just go back and change the original invoice amount to match the bank deposit but I don't like this method as it reduces my turnover and accurate reporting of turnover is an important part of my business strategy.

How do I properly account for gain/loss in foreign exchange?  

Cheers
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GoatyMcGoatBoat

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Posted 2 years ago

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Shane, Employee

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Hi,

This article should help with your query: http://kb.reckon.com.au/issue_view.asp?ID=3895.

I also found this other one, which seems pretty good although not from Reckon: http://businesseez.com.au/_literature_92530/Multicurrency_in_QuickBooks

Regards,
Shane.

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