How to pass entry for exchange difference bank account ?

Managing exchange rates in QuickBooks Online (QBO) depends on whether the difference is categorized as a gain or a loss, J.

Initially, you have to determine whether an exchange rate change led to a gain or a loss.

Once done, you can create a journal entry to correct the discrepancy due to the fluctuation of exchange rates. It's advisable to consult an accountant for accurate bookkeeping.

Given that rates are subject to change, you can also consider implementing a custom rates feature so you can stay current with the most recent foreign exchange rates in your entry.

Here are some articles you can check to learn more about how exchange rates work in QuickBooks:

• Set up and use Multicurrency in QuickBooks Online
• Learn about exchange rates in QuickBooks Online
• Common custom reports in QuickBooks Online

Feel free to reply on this post if you need further assistance.