Recording Exchange Rate Gains and Losses in Quicken Canada
Hello,
I recently started using Quicken Canada (Home&Business) and need some assistance. When I invoice a foreign client, I calculate the amount to be billed in CAD and convert it to USD based on the exchange rate of the billing day. The client pays me 15 days later, and by then the exchange rate has changed, causing a gain or loss due to the exchange rate fluctuation, which I don't know how to record.
I have an accounts receivable account in USD for this client and a USD account where I receive their payments, so my transactions are balanced, but when I check the Income and Expense Report, Quicken shows an amount in CAD that does not match what I actually received after converting the USD payment to CAD. How can I record the exchange rate gains and losses accurately in Quicken?
Thanks in advance