Switch to QuickBooks and 70% off for 3 Months
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Want an expert to help you set up your QuickBooks Online? Find out how: Click here
formwerx
Level 2

Re: multi-currency. When I revalue currency it creates a Foreign Currency Loss/Gains for my USD account and posts in my P&L. Unrealised gain/loss should not be in a P&L

How to get QBO to automatically separate "Realised" and "Unrealised" Foreign Currency Loss/Gains to separate accounts and only post "Realised" gains to the P&L.

1 Comment 1
JayAnne_C
QuickBooks Team

Re: multi-currency. When I revalue currency it creates a Foreign Currency Loss/Gains for my USD account and posts in my P&L. Unrealised gain/loss should not be in a P&L

Currently, QuickBooks Online (QBO) doesn't have an automatic feature to separate Realised and Unrealised Foreign Currency Gains/Losses into different accounts. When you run a revaluation, the system automatically posts all foreign currency adjustments to a single account on your Profit and Loss (P&L) report.

 

As a workaround, you can manually create a Journal Entry at the end of each reporting period to move the unrealised portion out of the P&L report. I highly recommend consulting your accountant for accurate guidance throughout the process.

 

For more information on how multi-currency works in QuickBooks, visit this article: Set up and use Multicurrency in QuickBooks Online.

 

Feel free to reach out if you have further concerns. We’re always here to help.