How to correct the home currency value for foreign bank account closing balance? Thank you.

Hi @m.hui,

Let's see if our AllStars @Safari818 and @qbteachmt might be able to help with this. They've been extremely helpful before with questions about home and foreign currencies.

In Quickbooks Desktop go to MENU > Company > Manage Currency > Home Currency Adjustment. 
Select DATE and CURRENCY. Click on CALCULATE ADJUSTMENT. If relevant transactions are on record table will come up with accounts to adjust.
Check affected account and SAVE. See your new account balance. 

Note: You will get empty output on table if foreign currency account balance (not USD balance on foreign account)  is zero at selected date. In such case just change date according to some non-zero balance.

I get this on quickbooks online. There are no intercurrency exchanges, as we are entering all transactions in COP, but just want to see reports in USD. When there is a positive balance in a COP account, quickbooks online will show it as a negative balance on the balance sheet. Again, there are no USD transactions, the reports are just in USD.

Thanks for joining the discussion, Peter,

Allow me to join the discussion and share some insights about this topic.

If the Multicurrency feature is turned on in QuickBooks Online, the system uses your home currency on reports to show the actual cashflow of the company. The amounts are multiplied with the current foreign exchange rate to help businesses review their financials during the Fiscal Year.

You can check the settings and verify if USD is set as the home currency and not Colombian Peso. You can go that, by following the steps below:

1. Click the Gear icon then choose Accounts and Settings.
2. Tap the Advanced menu and scroll-down to find Currency.
3. If United States Dollar is set as Home Currency, then this is the reason why your Balance sheet is showing USD.

Also, to find the discrepancy on the balance sheet, click the negative amount and review the transactions under it. You can also share a screenshot of it here in the community so we can help identify any discrepancies.

Tag me if you have other questions or concerns about QuickBooks Online Multicurrency. I'll be more than happy to help. All the best!

The Balance Sheet shows - $645 USD (negative balance), while the register shows 53,192.89 COP (positive balance). Looking at the register it is unclear why this difference would exist between the reporting and the register.

Hello there, Peter EA.
 

A negative amount in the balance sheet will appear if the company pays more than the amount of its liability. I'll make sure you can fix this.

Here's how:

1. Go to Reports.
2.  Select Vendors and Payables. In addition, you have to select an unpaid bills detail report.
3. Scan the report and check on the negative. 
4. Double click on the negative amount, to open the bill payment check. Check the bill at the bottom part of the screen.
5.  Put a checkmark next to it and enter the correct amount.
6. Hit Save and Close. 
7.  Click Yes when QuickBooks will ask you about saving the transaction you entered.

To verify if the negative amount is gone, you may open the Unpaid Bills Detail Report and click on refresh.

I'm adding this article for additional information about customizing a report: Customize reports in QuickBooks Desktop.

Let me know if you have questions about the bank account balance. I'm always here to help.