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Level 1

Profit and Loss Reporting Issue in Multi Currency

We have a customer account from overseas who paid us in Japanese Yen. So, we have setup multi currency in order to invoice this customer in Japanese Yen. The wire transfer to our US bank account is adjusted accordingly with the exchange rate.


Our issue is that when we generated P&L, it reported the amount of Japanese Yen in US dollars instead. For example, for the month of October, we invoiced this customer for 800000 Yen. Customer wired 800000 Yen which is based on the exchange rate equaled to USD 7144.13. While with other US based customer, we received USD 10000. The P&L report reported income display as USD 810000 instead of USD 17144.13.

How do we fix this?

Solved
Best answer November 17, 2019

Best Answers
QuickBooks Team

Profit and Loss Reporting Issue in Multi Currency

I replicated the same scenario on my end, Nagakambing.

 

It automatically converted into US dollars when I ran the Profit and Loss report. 

 

We can check if this is a result of a damaged company file. Let's open a sample company file and record these transactions there. We can run the verify and rebuild data in your company file if the Profit and Loss report in the sample shows the correct details.

 

You'll want to uninstall and reinstall your QuickBooks Desktop if you'll experience the same behavior in the sample file. This resolves any error in your QuickBooks Desktop.

 

Feel free to post again if there's anything else you need help with multi-currency.

View solution in original post

5 Comments 5
QuickBooks Team

Profit and Loss Reporting Issue in Multi Currency

I replicated the same scenario on my end, Nagakambing.

 

It automatically converted into US dollars when I ran the Profit and Loss report. 

 

We can check if this is a result of a damaged company file. Let's open a sample company file and record these transactions there. We can run the verify and rebuild data in your company file if the Profit and Loss report in the sample shows the correct details.

 

You'll want to uninstall and reinstall your QuickBooks Desktop if you'll experience the same behavior in the sample file. This resolves any error in your QuickBooks Desktop.

 

Feel free to post again if there's anything else you need help with multi-currency.

View solution in original post

Highlighted
Level 1

Profit and Loss Reporting Issue in Multi Currency

Thank you for the reply. 

 

We did test with a sample company data per your suggestion. The P&L displayed with the correct USD in multi currency mode on the sample testing. We then ran data verification on the our company data, but it found no problems. Should we uninstall and reinstall?

 

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QuickBooks Team

Profit and Loss Reporting Issue in Multi Currency

Hi Nagakambing,

 

There are some things that we need to consider when creating foreign-currency transactions. Let me share them with you so can get this resolved.

  • You don't assign a currency to sales and purchase transactions because they are assigned the currency of the customer or vendor you entered on the form.
  • Exchange rates are part of each transaction and determine the home currency value of the transaction.
  • Amounts on sales and purchase transactions are in the customer's or vendor's currency and the home currency equivalent is listed for the transaction total.
  • Reports will always reflect the home currency regardless of the currency used in transactions.

Before we start our troubleshooting, make sure you have transferred or deposited the customer payment correctly to your bank. This way, it'll post the correct amount in your reports.

  1. Go to Banking.
  2. Click Make Deposits.
  3. Make sure to enter the correct exchange rate.
  4. Click Save and Close.

If you've already verified the deposits and you're still getting the same results, you can continue performing reinstall using a super clean install of QuickBooks.

 

Once done, open your QuickBooks and check your report again.

 

I've got this article about reports and accounting for future reference.

 

Reach out to us anytime if you have other concerns. We're always here to help.

Highlighted
Level 6

Profit and Loss Reporting Issue in Multi Currency

@Nagakambing ,

I am agreed to QuickBooks team. You have to run clean install to verify your problem. If the error still persists, call and ask Intuit Data Service to check your QBW file. Otherwise, you may purchase a 3rd party repair service.

 

Anyway, what is the home currency setup in your QuickBooks? USD or else (e.g IDR) ?

Highlighted
Level 1

Profit and Loss Reporting Issue in Multi Currency

As mentioned in the original posting, the wired transfers or deposits were correctly adjusted. The home currency has been USD from the initial multi currency setup. 

 

So, we did the PITA uninstallation and performed the "clean install". We had to uninstall and reinstall the other PSA/CRM as well that synched with QuickBooks. 

We ran P&L and now it's correctly displaying the amount. 

 

Thanks for the help! 

 

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