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Level 1

Daily Sales Summary report - foreign open balance

When i pull a daily sales summary, lets say for November 2023, some invoices have values in the foreign open balance column and i cannot figure out why these balances are here. Can anyone please explain the purpose and how to clear the balances there?

QuickBooks Team

Daily Sales Summary report - foreign open balance

Hi there, @ConnollyAfrica


Let me share insights about foreign open balance reports in the Sales Summary report.

The exchange rate will usually fluctuate now and then, that's why there's an open balance showing in the report. To fix this, we can manually enter the updated exchange rate in QuickBooks.

Here's how:

  1. Go to the List menu, then tap Currency List.
  2. Double-click a currency.
  3. In the Edit Currency option, update the currency exchange rate for specific date/s.

If the open balance persists, you can create a journal entry to force your books to balance in specific ways. However, I highly recommend you only use them if you understand accounting or contact an accountant to be guided on what accounts to use.


Stay in touch if you have any other questions about managing your sales transactions. I'm happy to answer them for you, @ConnollyAfrica. Have a great day!

Level 1

Daily Sales Summary report - foreign open balance

Thank you so much for your reply but unfortunately editing the exchange rates did not work. In fact on our QB we have all currencies set as 1 to 1 for ease of use. Is there any other reason this could be happening.

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