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Buy nowI have just begun to use Quickbooks online. I would like to set up bank accounts in several different currencies. Similarly, I need to set up Accounts Payable in a couple of foreign currency.
Of course, in each case, I need to define the opening currency balances (as at 31 March 2020) in account. That's straightforward. But I also need to apply the foreign exchange rates which prevailed on 31 March. More accurately, I want to apply the foreign exchange rates which I used (in accounts created in accounting software now supeceded by QBO) on 31 March when valuing those balances in my home currency. Once that's acheived, I can bring the accounts up to date and, using a home currency adjustment, value the up-to-date balances using QBO exchange rates.
So, in short, this is a question about imposing the home currency valuations of foreign curreny balances