How do I record FOREX transactions in Quickbooks desktop?
We get paid by our customers mostly in USD. We sell those funds (in USD) and buy CAD using Foreign Exchange Market (FOREX) to obtain our operating funds as invoices we pay are mostly in Canadian dollars. (Except certain invoices such as invoices for freight cost, which is billed in USD normally in this industry.)
My question is how do I record those FOREX transactions in Quickbooks?
It is NOT like we are paid by customers in a different currency which we specified in our invoice. (i.e. We billed in CAD and customer paid in USD.)