Hi,
When recording income or expenses in Quickbooks the software will convert the US$ into Canadian $ if your home currency is set in Canadian $.
However when selecting the exact exchange rate which rate should one person utilize? The one used to convert your US$ into your home currency, or the one used to convert your home currency into the US$ ? There is a 2-3% difference the banks charge thus shouldn't I use the exhange rate that it costs to take back my US$ so I don't exclude the loss ?
Or maybe for income calculations use the lower rate ? and the higher rate for expenses ? hahah LOL. Or keep them consistant.
Thanks