Thanks for joining the discussion, Peter,
Allow me to join the discussion and share some insights about this topic.
If the Multicurrency feature is turned on in QuickBooks Online, the system uses your home currency on reports to show the actual cashflow of the company. The amounts are multiplied with the current foreign exchange rate to help businesses review their financials during the Fiscal Year.
You can check the settings and verify if USD is set as the home currency and not Colombian Peso. You can go that, by following the steps below:
- Click the Gear icon then choose Accounts and Settings.
- Tap the Advanced menu and scroll-down to find Currency.
- If United States Dollar is set as Home Currency, then this is the reason why your Balance sheet is showing USD.
Also, to find the discrepancy on the balance sheet, click the negative amount and review the transactions under it. You can also share a screenshot of it here in the community so we can help identify any discrepancies.
Tag me if you have other questions or concerns about QuickBooks Online Multicurrency. I'll be more than happy to help. All the best!
