Fixing Currency Revaluation

You're on the right track, kucak.

You can simply delete the home currency adjustment journal entry. Then re-run the Revalue Currency procedure. To prevent a repeated incident, please double-check that you've picked the correct date.

Here's how:

1. Go to Settings ⚙.
2. Select Currencies under LISTS.
3. For the currency in question, choose Revalue currency from the dropdown under Action.
4. Click the Revalue history tab.
5. Open the one you want to delete.
6. Hit More at the bottom, then Delete from the resulting popup menu.

I've added the following articles below for more information in managing Multi-currency features:

• What are Home Currency Adjustments?
• Enter and use your own exchange rates
• Learn about Multicurrency in QuickBooks Online

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

Just to clarify, if I do a "Revalue Currency" and select a date from 2020, will it create the new Journal Entries based on the account balances at the "specified" date (i.e. not the current account balances)?

Hello there, @kucak. Thanks for getting back here.

If you need to change the date or the exchange rate, you'll have to delete the journal entry and run the currency revaluation again.

And, yes, this will create new journal entries based on the account balances to what date you've selected. Since you'll be working in the year 2020, probably, your book is already closed.

You'll have to ensure that you have your book opened to do the revaluation of the currency. I highly recommend consulting your accountant to ensure your data and accounts will remain accurate after the process of revaluation. 

You can get more insights from these links:

• Frequently Asked Questions about Home Currency Adjustments.
• Enter home currency adjustments for your foreign balances.

If you have follow-up concerns, please let us know anytime. We'll be glad to help you further, kucak. Stay healthy!

Hello,

Thank you for this thread. I have followed the instructions and managed to revalue. I realise that I used a wrong date and need to make the correction - I am not able to delete the transaction or change the date.

Please advise.

Thank you

Hi there, JacqueR. 

I'm here to make sure you'll be able to delete the transaction or change the date in QuickBooks Online (QBO).

I''d like to make sure that we are on the same page so I can help you out with your concern. Can you send me back the error message you're getting since the screenshot is unclear? This way, I'll be able to provide an accurate solution to your concern.

In the meantime, we can perform some troubleshooting steps to fix the issue. There are times when the browser is full of frequently accessed pages, thus causing some of the system's unusual responses. You can isolate this by logging in to your QBO account using a private browser (incognito). 

Here are the shortcut keyboards:

• Press Ctrl + Shift + N (Google Chrome)
• Ctrl + Shift + P (Firefox)
• Control + Option + P (Safari)

If it works, I recommend clearing your browser's cache. Doing so will remove the historical data and access QuickBooks with a clean slate. You can also switch to a different supported browser

Also, I encourage you to visit these resources below to learn more about the multi-currency and currency adjustments:

• Multicurrency in QuickBooks Online
• How to manually enter an exchange rate

 I'm here to help you more if you have other questions about multi-currency. Just click the Reply button to add any details. Have a wonderful day!

Hi,

Thank you for the response. The message that I am getting is below

QuickBooks automatically creates currency revaluation journal entries with zero values so you can check the date and exchange rate you used. You can no longer edit these entries. The best place to check your exchange gains/losses is on the Profit & Loss, Balance Sheet, or Customer/Supplier Balance reports.

Shows that the entries cannot be edited.

Thank you

Jackie