Messed up my Undeposited Funds G/L by changing the exchange rates for numerous transactions starting in 2018

Hello eve3,

Making sure your accounts show the correct balance when using multi currency is important to make sure your books stay accurate. I can help point you in the right direction.

A great part of multi currency in your QuickBooks Online Essentials or Plus account is that exchange rate updates nightly so you know the balances will be correct when you enter them. When entering journal entries to balance out an account it's always best to consult your accountant before hand as they have extensive training in this. I'd recommend contacting them when trying to enter a journal entry for this reason. If you don't have an accountant we still have your back. You can go to our find an accountant page to find one in the area to help get this entered.

If you need help creating a journal entry in QuickBooks Online you can follow the steps in this link.

Have a great day!

Thank you for the prompt response. Can you please outline what entries are generated on the back-end of QBO to handle exchange rate difference?

e.g.

Yesterday: US deposit goes into CND Undeposited Funds with an FX rate of 1.3000.

Today: Funds deposited into CND account with an FX rate of 1.258

The difference in my books resulted from changing all of the Undeposited Funds to par (or 1.000) after the fact. 

Thanks again,

Eve

Hi eve3. I want to make sure you get the support you need with this. I recommend reaching out to our support team using this link. One of our agents will be happy to take a look at your screen and assist. Feel free to ask other questions. 

I am an accountant.  QBs response to a question is full of marketing BS and go talk to someone else (likely cause QB doesn't know how to fix) ... helpful?  NOT!