Set Exchange Rate for USD Income (Q Win Canada)

kderojas
kderojas Quicken Canada Other Member ✭✭
edited October 2024 in Canada Windows

Hi,

I have income in USD, but my home currency is CAD. I invoice some of my clients in USD and would like to request a feature that allows users to set a specific exchange rate to be used for reporting this income. Additionally, it would be extremely helpful to have the option to choose whether to use the exchange rate on the date of the invoice or a consistent exchange rate (as mentioned earlier) for all invoices.

Thank you for considering this enhancement to Quicken.

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  • kderojas
    kderojas Quicken Canada Other Member ✭✭

    I am really struggling to calculate foreign exchange gains and losses, given that most of my invoices are in USD. I would like to highlight the following requirement from the CRA:

    'When reporting income in a foreign currency to the Canada Revenue Agency (CRA), you must convert the amount to Canadian dollars using the exchange rate on the day the income was received. You can use the Bank of Canada exchange rate.'

    It's very difficult to comply with this requirement when the income is all converted using the exchange rate on the date I run a report. It's really frustrating.

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