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arifai
Level 2

Foreign Currency Customer Balance and Accounts Receivable Discrepancy

Somehow, my foreign currency (USD) customer balances are all 0, but the USD Accounts Receivable Balance still shows a $120.46 CAD balance. How can I clear the $120.46 without creating an open balance for a USD Customer? Both should have 0 balances, but I can't seem to clear the discrepancy without changing the other.

Solved
Best answer August 09, 2023

Best Answers
AdminAndrea
Level 5

Foreign Currency Customer Balance and Accounts Receivable Discrepancy

Understood - for a previous period that is closed a change like that would make a bit of a mess.  

 

I've never had to adjust an entry that was that far back in time - not sure how to do that to be honest.  I suppose if the customer has a current year entry that you could adjust in order to zero out the difference it could work to bring the CAD value to zero but I'm not sure if that is correct way to deal with something like that  -?-  

 

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13 Comments 13
Trish_T
QuickBooks Team

Foreign Currency Customer Balance and Accounts Receivable Discrepancy

Hi arifai,

 

It's great to see you reaching out here.  Welcome!  When situations like this arise, with QuickBooks Online multicurrency, it's best to connect with us outside of Community.  This will provide a member of our Customer Care team with the ability to work with you virtually, with your consent.  In addition, it will provide a better understanding of how the transactions have been recorded, and ensure the associated accounts are balanced as soon as possible!

 

Schedule a Callback or start a Chat: click (?) Help in the upper right in QuickBooks Online > enter "Contact support" > hit Contact Us > provide a brief summary of your situation > hit Let's Talk > choose Get a callback or Start a Chat.

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Support hours are from Monday to Friday between 9 a.m. and 8 p.m. ET.

 

If you have any other questions, feel free to reach back out.  We'd be happy to help!

 

arifai
Level 2

Foreign Currency Customer Balance and Accounts Receivable Discrepancy

I tried that twice already, and they could not help me.

JamesM4
QuickBooks Team

Foreign Currency Customer Balance and Accounts Receivable Discrepancy

I'd like to make sure you get the help you need. Were you provided a reason  elaborating why you couldn't be helped further? 

arifai
Level 2

Foreign Currency Customer Balance and Accounts Receivable Discrepancy

They were unsure of how to resolve the issue for me.

JamesM4
QuickBooks Team

Foreign Currency Customer Balance and Accounts Receivable Discrepancy

I see. Normally, when a workaround isn't provided you're given the option to escalate so our engineers can look into this further. Was this option offered to you? If not, contacting our support team outside of the Community will ensure you get the issue escalated. It's important to note that product limitations aren't escalated, however, you can send feedback directly to our engineers to let them know about the functions and features you'd like to see in the program. To do this, click on the Gear icon > and look for Feedback. Let me know if you have other questions, I'm here to help. 

arifai
Level 2

Foreign Currency Customer Balance and Accounts Receivable Discrepancy

I have shared my feedback as directed.

 

In the meantime, is there no one in the QB community that knows a resolution for this? I can't be the only one to have experienced this.

AdminAndrea
Level 5

Foreign Currency Customer Balance and Accounts Receivable Discrepancy

The issue could be the ROE conversion that was used by QB. 

Are you able to view what entry/entries are causing the open balance amount of 120.46 CAD? 

 

For one of my credit memos the ROE didn't match the invoice it was to clear so even through the USD value was good the CAD equivalent was off.  Once I figured that out I was able to update the ROE used for the credit memo entry so that it would clear out the correct CAD value.  

arifai
Level 2

Foreign Currency Customer Balance and Accounts Receivable Discrepancy

Hi Andrea,

 

Thanks for your message. I know the variance is from a 2018 payment to two USD invoices. But rather than changing the exchange rate on the 2018 payment, I'd like to make an adjusting entry to avoid changing a fiscal period that's already been closed and filed for taxes.

AdminAndrea
Level 5

Foreign Currency Customer Balance and Accounts Receivable Discrepancy

Understood - for a previous period that is closed a change like that would make a bit of a mess.  

 

I've never had to adjust an entry that was that far back in time - not sure how to do that to be honest.  I suppose if the customer has a current year entry that you could adjust in order to zero out the difference it could work to bring the CAD value to zero but I'm not sure if that is correct way to deal with something like that  -?-  

 

Trish_T
QuickBooks Team

Foreign Currency Customer Balance and Accounts Receivable Discrepancy

Hi arifai,

 

As mentioned by AdminAndrea, making changes or adjustments to historical transactions can have a negative impact on other areas of your books.  For this reason, it's best to speak with an accounting professional for the best course of action.  If you don't have an accountant, we can help you locate a ProAdvisor in your local area.

 

If you have other questions or concerns, please don't hesitate to reach out.  We'd be glad to assist!

arifai
Level 2

Foreign Currency Customer Balance and Accounts Receivable Discrepancy

I was able to clear the A/R balance by entering a JE for the $120.46 CAD at the highest ROE possible to avoid creating an open USD balance for the customer.

 

Thanks.

AdminAndrea
Level 5

Foreign Currency Customer Balance and Accounts Receivable Discrepancy

Excellent!  

M25
Level 1

Foreign Currency Customer Balance and Accounts Receivable Discrepancy

Can you please share a screen shot of the JE? I'm also facing the same problem.

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