United States United Kingdom Australia Canada (English) Canada (French) France Singapore South Africa Global Ireland
cancel
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for 
Search instead for 
Did you mean: 
dsstephensco-gma
Level 1
posted
‎June 27, 2022 04:06 PM
last updated ‎June 27, 2022 2:26 AM

QBO Multicurrency

Hi Guys,

Am confused as to why my multicurrency ledger classifies currency adjustments as "realised" currency adjustsments when most are unrealised and simply re-valuations of investments.

The chart of accounts appears to only allow currency adjustments to be set up as "other expenses". There is not option to set up as an asset or liability.

Any advice appreciated.

Regards, David

 

Thank you for your reply. Its most appreciated.

Unfortunately I am not sure how this is working.

The P&L report shows under Other Expenses

- Unrealised Gain or loss   0

- Exchange Gain or loss     300,000

The figures should be the other way around, ie unrealised gain or loss should be 300,000

 

 

 

Reply
1 Comment 1
MaryLandT
Moderator
Moderator
‎June 27, 2022 06:07 PM

QBO Multicurrency

Hi there and thank you for contacting us today, dsstephensco-gma.

 

Gains or losses are only realised after the transactions have been collected or paid. That's why QuickBooks Online shows the effect on account types such as bank accounts as a realised foreign exchange gain or loss. 

 

You can review information about Home currency adjustments through this article: Frequently Asked Questions about Home Currency Adjustments.

 

About setting up an asset or liability account for the currency adjustment, QuickBooks place amounts as an Other expense on the Profit and Loss report for the period. 

 

Check out these articles for related questions and topics about home currency adjustment.

 

 

Let me know if you have follow-up questions by commenting below. I'll be around to answer your concerns.

Reply