A spot rate, but it’s up to the user to download current spot rates (from the Company->Manage Currency->Download Latest Exchange Rates menu selection) or enter an accurate spot rate when recording a transaction or printing reports. For example, for sales and expenses, a user needs to enter an exchange rate, as shown below in the Create Invoices window.
Foreign currency fluctuations for balance sheet accounts that have not been realized (such as an unpaid customer receivable) appear on the Unrealized Gains & Losses report. When a customer receivable is paid, the foreign currency gain or loss is computed at a spot rate entered when payment is received. That gain or loss has now been been realized and appears on the Realized Gains & Losses report.
We’ve written a more complete description of how multicurrency works in QuickBooks 2009. Later versions of QuickBooks haven’t changed the fundamental operation of this feature.
Multicurrency features are available in QuickBooks Pro 2009, Premier 2009, Enterprise Solutions 9.0 and later versions of those programs. They’re not available in Online Edition Basic or Plus.
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