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O1L
Level 1

Supplier balances on my aged creditors report do not agree with the balance against the individual creditors account

When I run an aged creditors report, I get small balances against some of my suppliers.

These balances are not visible on the individual supplier detail.

This problem is in QB Desktop and I use multicurrency.

 

Can anyone help?

 

 

1 REPLY 1
jamespaul
QuickBooks Team

Supplier balances on my aged creditors report do not agree with the balance against the individual creditors account

Hello, O1L.  

 

I'll work with you and find out the reason behind the discrepancy between your supplier accounts and aged creditors report. 

 

Outdated exchange rates might be the cause of the discrepancies on your supplier's balances. In this case, let's download the latest rates within QuickBooks Desktop. Note: Only works for US Dollar home currencies. 

 

Here's how: 

 

  1. Go to the List menu, then choose Currency List
  2. Click the Activities menu at the bottom.
  3. Select Download Latest Exchange Rates

 

Mc1.PNG

 

If your home currency isn't US Dollar, then you'll want to manually edit the rates (the one that your supplier uses). Simply double-click the currency in the Currency List window, then add or edit the rates on the table. Once done, click OK

 

MC2.PNG

 

You might want to visit a finance data website to see the previous and current exchange rate for currencies. 

 

Another thing to look out for is the change in rates after the supplier transactions were recorded. You'll want to run the Unrealised Gain and Losses report, then compare it with your aged creditors report. 

 

To run the Unrealised Gain and Losses report: 

 

  1. Go to the Reports menu, then hover your mouse on Company & Financial
  2. Choose Unrealised Gains and Losses
  3. Enter the report date, then the currency rates. 
  4. Click Continue

Also, ensure that you enable the current and previous exchanges rate, and the currency columns on the aged creditors report when comparing: 

 

  1. On the aged creditors report, click the Customise report button.
  2. Go to the Display tab.
  3. Search and check the following under the COLUMNS section: Exchange Rate, Current Rate, Previous Rate, Currency.
  4. Once done, click OK

 

MC3.PNG

 

If the home currency's calculation is incorrect after comparing the data, you'll want to do a home currency adjustment. I recommend working with an accountant since doing this will affect your book's balances. 

 

To do a home currency adjustment: 

 

  1. Go to the Company menu. 
  2. Hover your mouse on Manage Currency.
  3. Choose Home Currency Adjustment

You can find out more about the Multicurrency feature here: Set up and use Multicurrency.

 

If you need to take care of other things after resolving the discrepancy, you can check out our articles for help. Our QuickBooks Desktop articles have a variety of topics that can assist you in managing your data and financials. 

 

Happy to help out out again if you have more questions handing your balances in QuickBooks Desktop. You can also add other concerns by replying below. 

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