Quickbooks SimpleStart - trying to account for FX in/loss

[Sardukar]

Hi,

I often invoice in USD and receive payments in GBP. I understand that common practice is to wirte down the GBP value of the invoice in my books (using i.e. the Interbank rate). Any differences between that and the payment that comes in is a FX expense or a loss.

However, I can't see an easy way to do this using Quickbooks SimpleStart.

1) Create invoice - X (interbank rate)
2) Receive payment (into the bank account) - Y (actual value)

How do I record Y-X as a FX expense? It seems the only expenses I can put down in my accounts is a "Cash" or a "Credit card" expense. Is this down to the limitations of SimpleStart, or am I missing something obvious?

[Sardukar]

I'm still nowhere further with this. The Quickbooks call centre people weren't exactly helpful either! Surely there has to be an easy way to write down a profit or a loss that doesn't come out of cash or on a credit card.

[visagephoto]

I'm still nowhere further with this. The Quickbooks call centre people weren't exactly helpful either! Surely there has to be an easy way to write down a profit or a loss that doesn't come out of cash or on a credit card.

Why not log onto the QuickBooks community forum (link on QB website), the guys on there are usually very helpful.