Can I get a Trial Balance with revalued foreign currency balances that match the Balance Sheet Report?

Let me ensure the revaluation rates on your foreign currencies match the amounts on your financial reports, helio. Allow me to share insights about the exchange rates.

In QuickBooks Online, the exchange rate is always calculated as the number of home currency units that equal one (1) foreign currency unit. It would be best to consult and seek advice from your accounting professional if you want to make adjustments to these rates. This way, the values and data on your books will stay as accurate as it is and compliant. To do this:

1. Go to the Gear icon and select Currencies.
2. Find the currency you want to adjust.
3. Under the Actions column, click on the Edit current exchange dropdown and select Revalue Currency.
4. Set a date (today or a day in the past) to run a currency revaluation.
5. Choose whether you'd like the revaluation to be based on the market exchange rate or a rate you specify.
6. Select the account(s) you want to apply the revaluation to.
7. Then, click Revalue and save.

Furthermore, you can learn more about exchange rates for foreign currency transactions to help you handle exchange values on your reports. Also, you can run specific reports to ensure you'll get to review your business finances and data.

We'll get back to you whenever you require additional assistance managing foreign currencies on your account. Just keep us posted in the comments below. Have a good one!

Thank you for the quick reply.

I have done as indicated but the problem persists:

I go to Reports > Balance Sheet > Select date to last year > Run Report > I get the following result:

However, if I go to Reports > Trial Balance > Select date to last year > Run Report > I get the following result:

As you can see the balances don't match.

Hi helio-tangerine-, thanks for getting back to us with that detailed information.

Unrealised gains or losses are not reflected in the general ledger or trial balance reports - this figure is included in the balance sheet report and hence can be the cause of discrepancies. Please see here for a full explanation - get back to us below if you have any further Q's. :)

Is there any way to reflect the unrealise gains or losses?

It is very disturbing that customer/suppliers balance are not reflected in the GL and TB but foreign currency accounts in the balance sheet are correctly reflected.

Also, for Auditors and Accountants it is required to supply a TB and GL that matches the B/S and P/L.

Hello Helio-Tangerine-  

You can see the unrealised gains and losses on the following reports.

• Balance sheet
• Customer Balance Detail report
• Supplier Balance Detail report
• Statement of Cash Flows
• Profit and loss report

The zero journal entries may indicate a home currency adjustment. In regard to the reports matching, we can take a look at this in more detail and do a screen share with you if you give our team a call on 0808 234 5337.