Hi CMCDA123,
I'm happy to see you're using the full potential of QuickBooks Online to manage your client's international business. The multi-currency features offer a streamlined way of recording transactions in various currencies, adding convenience to your regular bookkeeping. You have full control over the exchange rates used to ensure all your accounts balance. I'll be glad to help you sort this out.
Typically, these kinds of issues are caused by your (unrealized) exchange gains and losses. This is a crucial part of running a business in multiple currencies, as it calculates the effect of fluctuating exchange rates over time. QuickBooks Online is designed to take all the stress out of your accounting, and this is no exception. It only takes a few easy steps to realize these gains or losses:
- Click on the Gear icon then select Currencies.
- For the currency in question, click on the Action dropdown menu and select Revalue currency.
- Enter the appropriate Date and Exchange rate.
- Select the Accounts you need to update then click Revalue and save.
It's vital to enter the correct date here, as QuickBooks Online will calculate the home currency value based on the USD balance on that day. Typically, the date used is the ending date for your latest balance sheet or trial balance report. Check out this awesome article to learn more about this process: Frequently Asked Questions about Home Currency Adjustments
I'm here for you. Don't hesitate to reach out any time.
