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.)


Thanks for posting your concern, owner.

I'd be glad to help you record your FOREX transactions in QuickBooks Desktop.

We have the Multi-currency feature in QuickBooks that can track transactions in foreign currency. This feature allows you to assign a specific currency type to Customer and Vendor profiles, and some accounts.

Let's get this started by turning on Multi-currency in the Preferences.

Here's how:

  1. Go to the Edit menu.
  2. Select Preferences.
  3. On the left pane, select Multiple Currencies.
  4. Click the Company Preferences tab, then select Yes, I use more than one currency.
  5. From the drop-down, select your home currency.
  6. Click OK.

Please note that once the feature is enabled, you can no longer turn it off. Make sure that you backed up your QuickBooks company file before proceeding.

After which, you can set up Multi-currency to create transactions with foreign currencies.

Here's how:

  • Add foreign-currency customers and vendors.
  • Add foreign-currency accounts.
  • Update your exchange rates.
  • Create foreign-currency transactions.

You can click on the link for the process:

That information should help you record your FOREX transactions. Let me know if you need anything else about your concern. I'm always here for you.

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IntuitMariaAlma , Community Support Specialist
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