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Level 2

How to balance back in QBO online a balance sheet which is skewed due to exchange rate gains or losses?

I use cash accounting method and my trial balance is well balanced until an invoice in foreign currency and payment for it hit the books. Due to date span, QBO generated exchange rate gain and the balance sheet is no longer balanced. I found somewhere that this is a design issue in QBO and need special manual correction. I'd appreciate any hints.
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QuickBooks Team

How to balance back in QBO online a balance sheet which is skewed due to exchange rate gains or losses?

I can think of one thing, Anna-HZ.

 

The exchange rate of the payment is different from the exchange rate from when the invoice was created. You can create a home currency adjustment. This affects the balance sheet accounts. 

 

I'll show you how to do it:

  1. Click the Gear icon.
  2. Go to All lists, then select Currencies.
  3. Look for the currency, click the Edit currency exchange drop-down arrow, then select Revalue currency.
  4. Select the date to run the revaluation, then select if you want it based on the market exchange rate or a rate you specify.
  5. Select the account you want to apply the revaluation to.
  6. Click Revalue and save.

As always, I'd suggest reaching out to your accountant before creating any adjustments. 

 

Also, I'll share some articles that can help you:

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