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caroline-armstro
Level 1

Our petty cash Euro account (1042 Euro Petty cash) has an amount of 286 Euros, but an equivalent GBP amount of £656. There was a reconciliation in

which where the bank rec is dated in 3016, so I think this created the problem. Since then, there have been 3 reconcilations which contrained transactions which have now been deleted. QuickBooks has then made adjustments to keep the reconciled balance correct. As a result the transactions are not included in the TB (as they were deleted) but QuickBooks has included them in the bank recs (as an adjustment) to keep the bank reconciled and the result is the balance in the TB being higher than the actual bank balance. So the question is how to adjust so that the GBP amount is in line with the Euro amount.
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Best answer February 18, 2021

Accepted Solutions
EmmaM
QuickBooks Team

Our petty cash Euro account (1042 Euro Petty cash) has an amount of 286 Euros, but an equivalent GBP amount of £656. There was a reconciliation in

lHello Caroline when you revalue the currency you can revalue as of a date so if you want it to affect year end in reports you can amend to year end date. You can go to the magnifying glass symbol and in recent transactions you will see the journal the revalue created you can  delete that and it will undo the revalue and then you can recreate it with the date you want.

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4 REPLIES 4
EmmaM
QuickBooks Team

Our petty cash Euro account (1042 Euro Petty cash) has an amount of 286 Euros, but an equivalent GBP amount of £656. There was a reconciliation in

Hello Caroline, So the Euro amount is correct but not the GBP amount is that right? If so you can in the cog> currencies> revalue the currency for the bank account and it will adjust the home currency.

caroline-armstro
Level 1

Our petty cash Euro account (1042 Euro Petty cash) has an amount of 286 Euros, but an equivalent GBP amount of £656. There was a reconciliation in

Yes, that's right, the Euro account is right and the GBP account needed adjusting. I've revalued and that worked, but the revaluation is based on today's date and I ideally want the change to take effect from year end (which is also the date of the last Euro transaction). Is there a way of doing this?

caroline-armstro
Level 1

Our petty cash Euro account (1042 Euro Petty cash) has an amount of 286 Euros, but an equivalent GBP amount of £656. There was a reconciliation in

Ah, sorry, I just saw that I could invlude a revalue date, so I revalued the account to the right date. So now the BS is showing a realistic GBP amount, which is great - thanks very much for your help.

EmmaM
QuickBooks Team

Our petty cash Euro account (1042 Euro Petty cash) has an amount of 286 Euros, but an equivalent GBP amount of £656. There was a reconciliation in

lHello Caroline when you revalue the currency you can revalue as of a date so if you want it to affect year end in reports you can amend to year end date. You can go to the magnifying glass symbol and in recent transactions you will see the journal the revalue created you can  delete that and it will undo the revalue and then you can recreate it with the date you want.

View solution in original post