Skip to main content

Get 50% OFF QuickBooks for 3 months*

Buy now
Switch to QuickBooks and 70% off for 3 Months
Talk to Sales: 877-683-3280
Hours
Mon - Fri, 5am - 6pm PST
Sat - Sun, 7am - 4pm PST
Product support & help
Need help signing in?
K
karen_labase
March 8, 2019
Solved

Revalue Currency

  • March 8, 2019
  • 12 replies
  • 45 views

When trying to close our multi-currency books for the year in Quickbooks Online, I went to the Currencies list and chose Revalue Currency for USD.  Under "Rate" it gives you two options:

 

1)  Market Rate on Revalue Date

2)  Custom Rate

 

In order to comply with Nicaraguan government requirements, we need to revalue our currency using the Nicaragua Central Bank rates.   Thus, I chose "Custom Rate" and added in our custom rate or 32.3305.

 

However, the revalue calculation still used the Market Rate of 32.3705, even though I didn't not click that circle.  I deleted the Journal Entry that was made and tried again, without luck.  So our accounts are currently showing balances in the home currency (NIO) that are not correct according to the government requirements here in Nicaragua.

 

Could this be a programming glitch?  Has anyone else experienced this?  I can add a manual journal entry to adjust these USD balances, but obviously this is something that Quicbooks should be able to do.

Best answer by Malcolm Ziman

@karen_labase 

I tested this and I did not find the problem you found. What I did notice is there is a little bug in that  if you click Custom,  enter a rate, then click Market and back to Custom it does not change, so don't click Market and back to Custom.  I tested this in the USA version

12 replies

HoneyLynn_G
HoneyLynn_G
Level 6
March 9, 2019

Hello there, @karen_labase.

 

Thanks for reaching out us and providing details. I can help you update the home currency (NIO) to 32.3305.

 

I've checked my resources to verify if there's an on-going investigation about this. However, there are none. Let's work together to make sure your revalue currency is correct!

 

Here's how to update the rate:

  1. Click the Gear icon.
  2. Choose Currencies.
  3. Look for the currency you'd like to change.
  4. Under the Action column, click the Edit currency exchange link.
  5. Choose the Your Rate radio-button.
  6. Update the rate. 
  7. Click Save.

Make sure to verify that the Rate column is updated. QuickBooks doesn't follow the retroactive effect. If there are transactions with the old rate, you will have to delete and recreate them.

 

For more details, please refer to these articles: 

If you've follow the steps above and still the rate is incorrect, you can try adjusting the rate using the incognito mode or private browsing mode.

  • For Chrome, press Ctrl+Shift+N.
  • For Internet Explorer or Firefox, press Ctrl+Shift+P.

If you got it to work, try clearing the temporary Internet files/cache in your browser (regular view). This helps clear old files that the browser may try to use that can cause display or access problems.  Then, you can also try other browsers.

 

That should get you going today, karen_labase. I'm still here to help you more if you have other questions about multi-currency. Just drop a comment or mention my name. Have a wonderful weekend!

J
Jack63
October 14, 2020

Revaluation expense account is showing in Profit & Loss report, but when you pull the Trial Balance, the account disappears. How can I customize the Trial Balance report to pull this account balance as well?

Also, how can I pre-map the revaluation transaction to go to a specified expense account in the ledger (I had created a separate account for exchange differences).

M
MirriamMQuickBooks Team
QuickBooks Team
October 14, 2020

It's good to see you in this thread, Jack63.

 

In QuickBooks Online, the reports available that displays the unrealized gains or losses when revaluing your foreign currencies are the following:

  • Profit and Loss report
  • Balance sheet
  • Customer Balance Detail report
  • Vendor Balance Detail report
  • Statement of Cash Flows

Thus, able to customize the Trial balance report to show the Revaluation expense account isn't an option since unrealized gains or losses doesn't reflect in the general ledger or trial balance.

To learn more how to run report in QuickBooks Online, visit these articles:

For additional details about exchange rates, visit these articles: 

If you need further assistance in managing your account, leave me a comment below. It's always a pleasure to help you. Take care.

M
Malcolm ZimanAnswer
Level 4
March 11, 2019

@karen_labase 

I tested this and I did not find the problem you found. What I did notice is there is a little bug in that  if you click Custom,  enter a rate, then click Market and back to Custom it does not change, so don't click Market and back to Custom.  I tested this in the USA version

    K
    karen_labaseAuthor
    March 11, 2019

    Thank you @Malcolm Ziman !  That worked!

    Need QuickBooks guidance?
    Log in to access expert advice and community support instantly.
    Terms & ConditionsAccessibility statement