We operate is USD and CAD but do not have a posted exchange rate,$1.00 is $1.00 whether in CAD or USD in QBO until we exchange the funds and are recording as a journal entry.
Example:
We exchanged $100,000.00 USD from our US account and then deposited $134,000.00 into our CAD account.
The Journal entry we used is as follows:
Credit USD Bank account $100,000.00
Debit CAD Bank account $134,000.00
Credit Exchange Gain / Loss $34,00.00
This is showing as a negative on my P & L, but the $34,000.00 is a gain and not a negative. Should my journal entry be different?
