My EUR Bank balance is ZERO as on 31-Mar 2022. But my USD equivalent for the EUR bank acct is showing USD 5952.06. Kindly advise on how to make the USD balance ZERO.

Let me help you sort this out, @ankur1306.

What report are you looking at to see the USD (home currency) equivalent of your EUR account?

You'll want to be sure the report covers the date range of the transactions in your EUR account so you'll get the correct equivalence.

You can also see this article for more details about customising reports in QBO: Customise reports in QuickBooks Online.

I'm also attaching this link that you can read for guidance. This contains details on how to print and export your reports: Run reports in QuickBooks Online.

If there's anything else you need help with, please feel free to leave a response. I'd be delighted to help you out anytime. Keep safe and stay healthy!

I am looking at the General Ledger where in the USD balance is showing despite the EUR bank being ZERO (already reconciled).

To make it even worse, its even showing on the Trail Balance and the Balance sheet where it should show ZERO.

Thanks for getting back to us, ankur1306.

Let me add some additional information about the currency. But before that, I'd like to verify, what is your current home currency? If you want to zero out the balances for the USD currency, you have the option to make adjustments. 

When you make adjustments on your home currency, this changes the home currency value of your foreign balances, and will recalculate them based on a new rate. These adjustments affect your balance sheet accounts. Before doing the adjustment, it's always a good idea to consult with your accountant to ensure your books accuracy. If you're not affiliated with one, you can visit our Intuit Find-A-ProAdvisor site to find certified professionals near you. 

To create the adjustment, here's how:

1. Go to the Gear > Currencies.
2. Find the currency you want to adjust.
3. Under the Actions column, click the small drop-down arrow and select Revalue Currency.
4. Choose a date (today or a day in the past) to run a currency revaluation.
5. Select whether you'd like the revaluation to be based on the market exchange rate or a rate you specify.
6. Choose the account(s) you want to apply the revaluation to.
7. Click Revalue.

For more details about the adjustment process, you can check out these articles:

• Frequently Asked Questions about Home Currency Adjustments
• Enter home currency adjustments for your foreign balances

Please let me know if you have any additional questions or need help with other features in your QuickBooks account. We're always available to help you out. 

My HOME currency is USD. 

I am not sure if you read thru my earlier msgs before replying. 

I have multi currency business. The closing balance as of 31-Mar 22 for my EUR Bank acct is ZERO. So the USD equivalent should also be zero. However, despite the EUR bank balance as on 31-Mar 22 is zero, the system is showing the USD equivalent of teh EUR bank acct to be USD 5952.06. This balance is shooing in the GL, TB as well as in the Balance sheet which makes it all incorrect.

How can I solve this?

Thanks for getting back to us, @ankur1306.

I'll share some insights about the bank balance. QuickBooks uses exchange rates to get the home currency values of your foreign transactions. That said, the amount shown in your balance may be the due to the exchange rates.

To zero it out, you'll want to create a home currency adjustment. Just follow the steps provided by my peer @RenjolynC for the steps.

The home currency adjustments change the home currency value of your foreign balances, recalculating it based on the new rate. This will also affect your General Ledger, Trial Balance, and Balance Sheet reports.

I've added these articles below for your reference:

• Learn about Multicurrency in QuickBooks Online.
• Learn about exchange rates in QuickBooks Online.
• Enter home currency adjustments for your foreign balances.

With the above recommendation, you should be able to zero out your bank balance.

Please let me know in the comment section below if you have other questions about bank balance or multi-currency accounts. I'll be around to help. Take care and have a wonderful day ahead.

hi,

While using Revalue currency, the system s showing an error:

Hi there, @ankur1306.

I'll share insights about the error message while using the Revalue Currency feature in QuickBooks Online (QBO).

Currently, we have an ongoing investigation where customers, like you, received an error saying “Something’s not quite right. Sorry, an unexpected error has occurred. Please try again.” while performing currency revaluation in QBO. Rest assured that our engineering team is in all hands working to fix this as soon as possible.

While the workaround is not yet available, I recommend contacting our Customer Care Support. You can work with our specialists online and create a ticket linking your account on file to the investigation number. Once linked, all updates will be sent to you via the email address on file. To do so:

1. Go to Help.
2. Select Search.
3. Click Contact Us.
4. Enter Revalue Currency Error in the What can we help you with? text area.
5. Select Continue.
6. Click Start a chat to connect with a support expert.

While working with multicurrency, QuickBooks gives you an overview of the changes to your accounts, Aside from that, you can also customise a report with specific sources and currency targets. Use this reference for the steps: Run Basic Financial Reports in QuickBooks Online.

Let me know how it goes in the comments below and include my name, @JonpriL, in your reply. I'll be around and ready to lend a hand if you've got questions about multicurrency. Take care always, @ankur1306!