Change the foreign exchange gain/loss account

Thanks for getting in touch with the Community, BrianQW.

Since you're receiving a "Exchange Gain Loss account cannot be modified or deleted" message when trying to change an account's type from Other expenses to Expenses, I'd recommend checking your browser. It's possible this could have something to do with temporary internet files. Browsing applications store these types of records, but sometimes they can cause issues with certain webpages. You can open a private window and check to see if you're able to change your account type.

Here's how to access incognito mode in some of the most commonly used web browsers:

• Google Chrome: Ctrl + Shift + N
• Mozilla Firefox: Ctrl + Shift + P
• Microsoft Edge: Ctrl + Shift + P
• Safari: Command + Option + P

If you're able to switch account types while browsing privately, it's safe to say this problem's being caused by your browser. It can be fixed by clearing cached data and Intuit-specific cookies.

In the event the message continues displaying while using incognito, you'll initially want to try switching to another browsing application.

Here's a list of supported browsers:

• Google Chrome
• Mozilla Firefox
• Microsoft Edge
• Safari 11 or newer

You can also check a browser's compatibility with your books by utilizing our browser health checkup tool. QuickBooks supports the current and two previous versions of browsers. If you find that you're using an older version, make sure to update it to its latest release. Steps for doing so can be found on the particular company's website.

In the event you've found no problems that could be causing this with your browser, I'd recommend using a different device and/or internet connection. If it continues happening on other devices and/or internet connections, please get back with me here.

I've also included a detailed resource about system requirements for QuickBooks which may come in handy moving forward: System requirements

In regard to your last question, to verify my understanding, what type of transaction are you using to represent the foreign exchange gain/loss?

I'll be looking forward to hearing back from you. Have a lovely day!

Hi ZackE,

I've tried using Chrome in addition to MS Edge which I normally use as well as incognito mode but I get the same message that the "Exchange Gain Loss account cannot be modified or deleted". This account was created automatically by quickbooks so I have a feeling it is a design decision that the account type cannot be changed to 'expenses' and wonder if there is a work around. 

In regard to your last question, to verify my understanding, what type of transaction are you using to represent the foreign exchange gain/loss?

We are using the multi-currency feature in quickbooks online. We are a Canadian company and paying some US vendor invoices and converting CAD to USD. Quickbooks is automatically calculating an fx gain/loss when we pay these US vendors, so to answer your question it's a bill payment transaction. 

I also have a similar issue regarding assigning any class to Exchange gain/loss.

Thank you for posting here in the Community, @FutureCFO.

Can you tell me more about the issue you're having when assigning any class to Exchange Gain or Loss? That will surely help us provide an accurate solution to the concern that you're having.

You can click the Reply button below to add more details.

I'm looking forward to hearing from you soon! Take care and have a wonderful day!

We are using the multi-currency feature in QuickBooks online. We are a Uk company and paying some US and EU vendor invoices and converting GBP to USD and Euro. QuickBooks is automatically calculating an Exchange gain/loss when we pay these US and EU vendors the exchange difference goes to not specified rather than going into the same class in which the bill was recorded. I have attached the screenshot for your reference. 

 Hello FutureCFO, 

You can't change it because you can't put a class on your exchange gain and loss on a transaction, you may be able to get around it by creating separate journals but we would advise you speak to a trained and qualified accountant on this.