Let’s work together to correct the currency rate you entered during the currency revaluation in QuickBooks Online (QBO), @kme1. Just a few simple steps, and we’ll have it sorted out in no time.
When you create a home currency adjustment in QBO, the system generates a journal entry that reflects a zero gain or loss for Accounts Receivable or Accounts Payable. These journal entries record the date you revalued a currency, the specific currency revalued, and the exchange rate used.
To change the exchange rate, you'll have to delete the journal entry associated with the incorrect revaluation:
- Go to the Settings icon and select Currencies.
- Select the correct currency in the list.
- Select the Edit currencies exchange dropdown and select Revalue currency.
- Choose the appropriate Revalue date when the incorrect revaluation happens.
- Click the Revalue history.
- Manually delete the journal entry.
After deleting the journal entry, you can now enter the new exchange rate and complete the revaluation process.
For more information and guidance about Home currency adjustments, kindly visit this article: Frequently Asked Questions about Home currency adjustments.
Also, it's best to consult with an accountant for personalized advice on how to effectively handle currency revaluation. They can offer insights on the best practices to follow after a revaluation. Their expertise will help you navigate this process with confidence.
Furthermore, you can take some time to go over your financial reports. This will give you a deeper insight and a clearer understanding of your business: Run a report in QBO.
Drop a reply anytime if you still have questions or concerns with fixing currency revaluation, adjustments, or any possible queries in QBO. I'll be here to assist you further. Take care and have a nice day ahead.
