I've recently upgraded to QB Online Essentials after having for years used desktop QB Pro 2005. I use QB only for presenting basic management accounts so the ancient software has been adequate (no payroll, no tax, no statutory returns). Now, I am trying to learn the differences between 2005 desktop and 2020 Online.!!
My question relates to revaluing foreign balances (bank accounts, A/P, A/R). In the old QB 2005, I first generated a unrealised currency gains and losses statement, using manually-entered exchange rates. Then I would take these currency gains/losses and enter them in a Home Currency Adjustment (General Journal Entry). Simple enough, if a little tedious ( I work with eight or nine currencies).
My question: Working my way through guides for my new QB Online, I get the impression that the process is more "automated": I go to Settings/Currencies/Actions... and finally select REVALUE. The result will be a journal entry "behind the scenes": QB Online does the necessary entries automatically and I can view the resulting realised or non-realised exchange gains and losses. Is that a correct understanding?
