Question

Profit & Loss

10 replies
107 views

Bug: Profit and Loss report is not converting currency - it is showing original currency at the report instead of US$

QuickBooks Online

Level 8

Welcome to the Community! We'd be more than happy to help you resolve this currency issue on your Profit & Loss report in your QuickBooks Online account.

If you've used this report before and the information was correct, but now you're having issues with the currency, we recommend trying some troubleshooting steps:

Clear your browser's history
Sign out and then back
Turn your device off and then back on

In the end, if you're still having trouble, feel free to come back so that we can dig deeper into this problem for you and your business. Have a great day!

E

emilio_FieloAuthor

I followed all your recommendations and I am still having the same problem. Can you help me? This problem happens only on September inforamtion. The other months are Ok.

D

Dandie_A

QuickBooks Team

Hello there, Emilio.

From what you’ve described, it seems like QuickBooks Online is not recognizing or using the exchange rates for your September transactions. Since other months are working fine, this issue is specific to how the exchange rates were applied or updated for September. When QuickBooks doesn’t have the proper exchange rate applied, the report may default to showing the transaction in its original foreign currency.

To adjust the exchange rates, follow these steps:

Go to Settings, then select Currencies.
Find the currency you want to adjust.
Under the Actions column, select the small arrow ▼ icon.
Select Revalue Currency.
Select a date (today or a day in the past) to run a currency revaluation.
Decide whether you'd like the revaluation to be based on the market exchange rate or a rate you specify.
Select the account(s) you want to apply the revaluation to.
Click Revalue.

For additional guidance, you can check this article: Home currency adjustments.

Please feel free to leave a comment below if you have any further questions.

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emilio_FieloAuthor

I followed your instructions regarding "Revalue Currency" for the correct date.

But the revenue that shows at Profit & Loss report is still wrong (it shows original amount in Reais instead od Dollar). This revenue is a deferred revenue (12 months) that was created in beginning of 2025.

JoesemM

QuickBooks Team

I appreciate the prompt response, Emilio.

In QuickBooks Online (QBO), exchange rates may not automatically apply to Journal Entries unless the entries are linked to a foreign-currency-specific account. When you initially recorded the deferred revenue at the beginning of the year, QuickBooks converted the amount from Brazilian Reais (BRL) to US Dollars (USD) using the exchange rate on that date, locking in the USD value of the deferred revenue.

However, if you later move amounts manually from the Deferred Revenue account to the Income account via Journal Entry without properly involving foreign currency accounts, QuickBooks won't apply an exchange rate. Instead, it will transfer the amount as it was originally recorded, using the same USD value set at the time of receiving the deferred revenue.

While it involves creating and reviewing the journal entry you've created, I'd recommend consulting your accountant. They can look into this matter and guide in resolving the Profit and Loss report that shows the original amount

If you have any more questions or need further assistance, feel free to reach out anytime. I’m here to help.

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emilio_FieloAuthor

Hi JoesemM,

I did not move move amounts manually from the Deferred Revenue account to the Income account via Journal Entry.

We have just created deferred revenue (in Reais) by the begining of the year. QuickBooks, every month, puts this monthly revenue in Dollars (it was correct until August). For September it is wrong - P&L report shows the amount in original currency, instead of Dollar. There was no manual action.

If you look at the attached file (File 1) September Software Revenue licenses is wrong (it is adding amounts in reais). If you look at attached File 2), for example, Revenue from Ipiranga and Atlantica are in Reais, instead of Dollars. As I said there as no manual action from August to September.

I attached File 2 - next reply

[attachment removed]

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emilio_FieloAuthor

Attaching File 2

[attachment removed]

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Irene R

QuickBooks Team

We recognize the additional information and screenshots you have provided, Emilio.

Since there was no manual intervention with the amounts, and the Profit and Loss report still isn't converting the original currency despite my colleague's troubleshooting, I recommend contacting our QuickBooks Online (QBO) live support team. They can further look into this matter and resolve it efficiently. You can follow the steps below to reach them:

In your QBO account, navigate to the Help (?) icon.
In the Search tab, click Contact Us.
Enter your concern, then hit Continue.
Select a way to connect with us. You can either:

Start a conversation through a chat.
Schedule an appointment to pick the best time to contact you.
Have us call you.

To reach them at a convenient time, click this link to view their support hours.

If you require further assistance with your financial report in QuickBooks Online (QBO), please let us know.

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emilio_FieloAuthor

QuickBooks support said I need to hire their accountant support to fix this BUG. It does not make sense - it is a system generated entry - see attached. I am very disappointed!

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emilio_FieloAuthor

I still do not have a solution. I ran the report and it is still wrong. Whrn are you going to fix this BUG?

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