Welcome to the Community, tkelly.
Allow me to lend a hand and provide you with some information about multi-currency in QuickBooks Desktop.
I appreciate the detailed information you've provided. Unrealized foreign exchange gains or losses are profits or losses that have occurred on paper, due to changes in exchange rates. These gains or losses are only realized after the transactions have been completed when money has actually been collected or paid.
That is why QuickBooks shows the effect of a Home currency adjustment on Accounts Payable or Accounts Receivable as an unrealized gain or loss, and the effect on account types such as bank accounts as a realized foreign exchange gain or loss. Unrealized gains or losses are also not reflected in the general ledger or the trial balance.
In order to correct this, you can make an adjustment for your home currency, here's how:
- Click Company at the top menu bar.
- On the drop-down list, click Manage Currency.
- Choose Home Currency Adjustment.
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You know where to find me if you need more help with multi-currency in QuickBooks Desktop. Have a great day!