I just migrated from QB desktop pro 2017 to QB online. Unfortunately my reports are not balancing despite running them on accrual basis on both sides and selecting all dates. The differences are coming on my foreign AR and AP balances and my FX account. Please help!
Thanks for coming by, @keshav7795.
I'll share some information about reports that have different currencies. Since transactions with multi-currencies won't convert to QuickBooks Online, you'll want to manually set up the rate. This way, your report will balance.
Here's how to do it:
Once you're done, go back to the report and check for the transaction in question to manually enter the rate.
I'm attaching these links below to help you manage reports and multi-currencies.
Please let me know if you still have questions or concerns with the reports. I'll be around to assist you. Take care and have a good one.
Thanks so much for you prompt response and it's helping a lot.
I've adjusted the rates for every financial year and as per below exchange difference, this is the difference between my QB desktop and QB online TB. Unfortunately, when I try to revalue and save to clear this exchange difference, it does not action anything and stays the same per below image. Grateful if you could advise on how to clear this.
Thanks a lot
Hi there, keshav7795.
Glad to hear from you again. I hope all is well on your end. QuickBooks offers a versatile multi-currency feature which saves you from manual calculations and conversions. I'd be be glad to share more info on this so you can get back to doing what you love.
With the help of this feature, user can translate the foreign transactions in home currency and calculate gain or loss due to difference between exchange rates of foreign currency and home currency. As this option will revalue all existing transactions as per exchange rate used, the accountant should be consulted before using this feature.
Note: Home currency adjustments do not affect foreign balance amounts. They only change the home equivalent of a foreign balance.
To perform a home currency adjustment:
Let me share these articles with you about home currency adjustments:
In case you have other questions, feel free to contact our support team using this link here. Otherwise, leave a comment below. I'll be one message away. Stay safe!
Thank you for your reply.
I've tried doing the mentioned steps but unfortunately QuickBooks online remains unresponsive when I hit the revalue and save button per the below image.
Grateful if you could advise.
Yes - I'm trying to revalue for 2016 as my TB for 2016 on Quickbooks online is not tallying with my TB on Quickbooks desktop. I'm proceeding with revaluation with every financial years to tally them with QB desktop before I start using online.
Thanks for that. Can we get you to check if you have a close the books date set as the revalue will not go through if the close the books is on. Can you go to the cog in the top right>account and settings>advanced>accounting>close the books>remove the date temporarily( you can always add it back)save and close.
Hello Keshav7795, we can't see any reason why this would be unresponsive, can we ask you to clear the cache and cookies in your browser selecting all-time in the date range, if you still can not revalue if you can give our care team a call on 08082345337 and they will do a screen share and take a look at your account( we're not able to set one up through this public page)
Thanks for your response, could you please let me know the country code of the number provided.
I'll be contacting your office from Zambia - I hope that I'm following the proper channel
Affirmative - I'm using UK verision. Unfortunately i cannot reach the provided number.
Could you please escalate my request to the customer care centre. My contacts are per below;
Email: [email address removed]
Hello Keshav, This is a public forum so your email has been redacted. Can you contact us on Facebook or Twitter under Quickbooks UK either PM/DM with your email and we'll take that from there and escalate the revalue issue further with our senior team? Thanks