Hello there, Finance.
It happens when QuickBooks records individual transactions at incorrect exchange rates. Since each transaction stores its own exchange rate at the time it's entered, your home currency total can become inflated even though the USD side is accurate.
First, let's identify the source of the issue in your Chart of Accounts. Here's how:
- Go to the Gear icon at the Top right corner of the screen, select Chart of Accounts, and find your Brex USD account to open the register.
- Once you're in the register, click into a few of your recent transactions and look for the exchange rate field on each one.
- Check if they're showing rates around "1450" or if you're seeing much higher rates like "5000" or "6000".
Also, while you're in that register, look at the top corner and toggle between "Foreign Currency" and "Home Currency" views, and let me know what balance is in each view. Does the Foreign Currency view confirm your 10k USD?
Once we confirm that the exchange rates are incorrect on the transactions, you have two options to fix this. You can edit the exchange rate on each transaction individually to correct them to 1450, or you can use the Currency Revaluation tool to make a single adjustment that brings your 55 million down to 14.5 million.
The revaluation will post the difference to your Unrealized Gain or Loss account, which is why you haven't seen any revaluation entry in your Profit and Loss yet.
You can check those transaction rates first and let me know what you find, then we can proceed with the best fix for your situation.
We'll be glad to offer assistance tailored to your needs. Looking forward to hearing back from you.
