Foreign exchange gain or loss

hello team,

Please assist on how i can treat foreign exchange gain or loss because they are affecting my client’s statement of account ,as they are affecting the actual balances for Invoices

Thank you in advance,

You need to furnish much more information before anyone can help. Is the “client” your customer, or are you providing accounting services for someone else? In other words, are you working on your books or theirs? Explain the situation fully. What has happened, what was the result, and why do you think there is a problem? Illustrate your situation with screen shots of the Edit screens of relevant transactions.

am working on my books of account , specifically my Customers statement of account . I have some customers who made payments by using Dollar currency and some are using my home currency , so when i view the statement of account for them ( for their Invoices ) i found out there is gain or loss amount from foreign exchange that is affecting their actual balances for the Invoices … my issue now is , what am i supposed to do , to avoid this gain/loss to appear in the accounts of my customers

Customers should be set up in specific currencies. So if you have a USD customer, their invoices will appear in USD. When you receive money against such an invoice, the receipt transaction will be in the currency of the bank or cash account where you receive it. But you have the option of entering an equivalent USD amount rather than relying on the currently stored exchange rate. If you enter the USD amount of the invoice, it will be completely cleared in Accounts receivable.

Now, if you have a customer set up in your base currency, but they pay in USD, that is a different situation. A method for handling this is to manually convert the USD receipt into your base currency at whatever exchange rate the bank gives you and enter that.