Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
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! Go to Solution.
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.
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.
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?
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.
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.
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.
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) ?
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!
My P&L is not converting Yen to USD. I am having this issue in QB 2021 Desktop. I've check company file for errors - none were reported. I've completely removed QB and did a clean install, with no change. the P&L is still wrong. How to I fix this? I have to get this done for yearly financials.
Hi GTSI!
Thanks for reaching out to us. Allow me to assist you with the P&L.
It's great that you tried to check if there's damage on your company file and reinstalled QuickBooks Desktop. However, since you're still experiencing the same behavior, it's best to reach out to our Support Team so they can further investigate it and see what's causing this issue.
I added some articles you can check to learn more on how to manage your foreign currency and how to customize financial reports:
I'm only a post away if you have more questions. Have a great day!
You have clicked a link to a site outside of the QuickBooks or ProFile Communities. By clicking "Continue", you will leave the community and be taken to that site instead.
For more information visit our Security Center or to report suspicious websites you can contact us here