Entering Currency Forward Transaction and its settelment

Hi there Haim. I have to give you ALMOST the same answer on this. QB will let you set ONE foreign currency AS an option. This is a one-time option and you cannot reverse it. You do this with an Edit, Preference. However, QB is generalized accounting software, not a currency trading specialty product. I am also out of date on currency forward transactions and currency options, so I cannot advise you on accounting for them. When I traded options, and when my clients have since done this, I simply report the net gain or loss on tax returns.

(a) General rule
Notwithstanding any other provision of this chapter—
(1) Treatment as ordinary income or loss
(A) In general
Except as otherwise provided in this section, any foreign currency gain or loss attributable to a section 988 transaction shall be computed separately and treated as ordinary income or loss (as the case may be).
(B) Special rule for forward contracts, etc.
Except as provided in regulations, a taxpayer may elect to treat any foreign currency gain or loss attributable to a forward contract, a futures contract, or option described in subsection (c)(1)(B)(iii) which is a capital asset in the hands of the taxpayer and which is not a part of a straddle (within the meaning of section 1092 (c), without regard to paragraph (4) thereof) as capital gain or loss (as the case may be) if the taxpayer makes such election and identifies such transaction before the close of the day on which such transaction is entered into (or such earlier time as the Secretary may prescribe).
(2) Gain or loss treated as interest for certain purposes
To the extent provided in regulations, any amount treated as ordinary income or loss under paragraph (1) shall be treated as interest income or expense (as the case may be).

Thanks Mike you for your response. Unfortunate I was told by an Intuit representative that QB Pro is suitable for currency trading.
The IRS requires the use of Sec. 988  http://www.irs.gov/pub/irs-drop/rr-08...; and reporting on FORM 6781 to list long term financial transactions.
From your note should it mean that QB is not suited for the type of business which part of its income results from dealing in currency forwards and currency options??