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wissamroutes-gma
Level 1

My home currency is LBP.I buy my products (Stock USD) in USD& sell them in LBP, when I revaluate my currency it gives me wrong figures, how can i solve this?

 
13 Comments 13
Rasa-LilaM
QuickBooks Team

My home currency is LBP.I buy my products (Stock USD) in USD& sell them in LBP, when I revaluate my currency it gives me wrong figures, how can i solve this?

Thanks for dropping by the Community, wissamroutes-gma.


Allow me to share some information on how QBO handles the revaluation process. Then, revaluate the currency to resolve the issue.


The exchange rate is locked in on the day of each entry. You can use exchange rates from IHS Markit, or enter and use your own rates for transactions.


Home currency adjustments will change the home currency value of your foreign balances. It also recalculates them based on a new rate. To fix the figures of your currency, let’s create an adjustment.


Here’s how:

 

  1. Go to the Gear icon at the top and choose All Lists under Lists.
  2. Tap the Currencies link and choose USD from the list.
  3. Click the drop-down under the Action column to select Revalue Currency.
  4. On the Revalue page, enter the date of the revaluation.
  5. Make sure to type the correct rate and amount.
  6. Pick the account you wish to apply for the revaluation.
  7. Hit Revalue.

 

Check out this article for more details: Enter home currency adjustments for your foreign balances.


Additionally, we collated answers to common questions about home currency adjustments. Make sure to click the link to see the complete guide: Frequently Asked Questions about Home Currency Adjustments.


Keep me posted if you need more help with QBO. I’ll be happy to assist further. Have a good one.

wissamroutes-gma
Level 1

My home currency is LBP.I buy my products (Stock USD) in USD& sell them in LBP, when I revaluate my currency it gives me wrong figures, how can i solve this?

Home currency: LBP / foreign currency : $

lets say I bought 2 products for 10000$ each from a supplier (foreign currency $), My stock Account (Current Assets) is USD/ purchase account is USD, Selling account is LBP (Home currency).

when I revaluate the account and I change the rate the next day it gives me the correct figures.

 

but when I sell one product either to a customer (home currency or foreign) and I am left with 1 product in stock account and I want to revaluate the account it gives me wrong figures.

 

 

wissamroutes-gma
Level 1

My home currency is LBP.I buy my products (Stock USD) in USD& sell them in LBP, when I revaluate my currency it gives me wrong figures, how can i solve this?

Home currency: LBP / foreign currency : $

lets say I bought 2 products for 10000$ each from a supplier (foreign currency $), My stock Account (Current Assets) is USD/ purchase account is USD, Selling account is LBP (Home currency).

when I revaluate the account and I change the rate the next day it gives me the correct figures.

 

but when I sell one product either to a customer (home currency or foreign) and I am left with 1 product in stock account and I want to revaluate the account it gives me wrong figures.

Catherine_B
QuickBooks Team

My home currency is LBP.I buy my products (Stock USD) in USD& sell them in LBP, when I revaluate my currency it gives me wrong figures, how can i solve this?

Hello wissamroutes-gma,

 

Home currency adjustments change the home currency value of your foreign balances, recalculating them based on a new rate. Until you recalculate the home currency value of your foreign balances using current exchange rates, your reports show the home currency value based on the exchange rates you used at the time of each transaction.

 

I'd like to ask which rate you used or a screenshot of the invoice where you can see the discrepancies or you see an incorrect value on the currency page. Any additional information is much appreciated.

 

I'll be around to keep an eye on your reply. Take care and have a great day!

wissamroutes-gma
Level 1

My home currency is LBP.I buy my products (Stock USD) in USD& sell them in LBP, when I revaluate my currency it gives me wrong figures, how can i solve this?

Hi Catherine,

 

Thank you for your quick reply.

 

Attaching Screenshots.

 

Screenshot #1 you can see the type: current assets, Name: routesAssets. USD balance: 2000$ (Bought 2 products for 1000$ each), Balance is 24 000 000 LBP (at rate 1$=12000LBP) so far i can manage to revaluate the account properly if i want.

Screenshot # 2:I issued an invoice to sell one of the products of current assets.

Screenshot # 3: Currency  revaluation:Suddenly the balance USD of the account is  -11998$ instead of 1000$.

Screenshot #4: Account History. i noticed A/R USD Decreased by 12000$.

 

Appreciate Your quick reply.

Thanks

wissamroutes-gma
Level 1

My home currency is LBP.I buy my products (Stock USD) in USD& sell them in LBP, when I revaluate my currency it gives me wrong figures, how can i solve this?

Screenshot #Screenshot#4 Account History.PNGScreenshot #3 revalue currency after sale.jpgScreenshot#1.PNGScreenshot#2_Invoice.PNG

wissamroutes-gma
Level 1

My home currency is LBP.I buy my products (Stock USD) in USD& sell them in LBP, when I revaluate my currency it gives me wrong figures, how can i solve this?

Also if you can see in the screenshot of the revaluation currency the 1st  account with the name of routes stock it shows a balance in LBP of 119990, but i deleted every transaction for this account , and the account history has no transactions and yet there is a balance

JessT
Moderator

My home currency is LBP.I buy my products (Stock USD) in USD& sell them in LBP, when I revaluate my currency it gives me wrong figures, how can i solve this?

Hi wissamroutes-gma,

 

Thank you for adding screenshots. The balance you see in the last line of the Revalue USD against LBP screenshot is coming from your Route Assets account on 06/04/2021 and not from the Route Stocks account. You can double-check that in the Route Assets register.

 

Feel free to send an update after checking the account's balance in the Chart of Accounts.

wissamroutes-gma
Level 1

My home currency is LBP.I buy my products (Stock USD) in USD& sell them in LBP, when I revaluate my currency it gives me wrong figures, how can i solve this?

Dear jesst,

 

kindly check my previous posts as im trying to find out why when i sell a product from routes asset account it gives me wrong balance something related to A/R $.i explained everything with screenshots in previous posts.

 

for the stock account im not relating both accounts, as i asked a second question about the route stock account that have a balance without having any transactions history related to it either in transaction detail report or the chart of account.

 

thanks

wissamroutes-gma
Level 1

My home currency is LBP.I buy my products (Stock USD) in USD& sell them in LBP, when I revaluate my currency it gives me wrong figures, how can i solve this?

Kindly check “Routes assets” history account screenshot where you clearly can see that A/R is 12 million $ but I sold the product for 1000$ (foreign currency) at a rate of 12000 LBP (Home currency) to a customer that he pays me in $ (foreign currency) (Screenshot of Invoice) how is that? I just want someone to explain why the amount in A/R is 12 million $ instead of 12 million LBP which is ruining the balance of the account!

Thanks

Rea_M
Moderator

My home currency is LBP.I buy my products (Stock USD) in USD& sell them in LBP, when I revaluate my currency it gives me wrong figures, how can i solve this?

I'm here to share further details about the A/R amounts shown on your Revalue report in QuickBooks Online (QBO), @wissamroutes-gma. This way, you can effectively track all your home and foreign currency transactions and keep your account updated.

 

Based on your screenshots above, I can see that the correct amounts are shown under the Balance (LBP) (12,000,000.00) and USD Balance (1000) columns. When you've created your invoice of $1000, QuickBooks automatically calculates the equivalent amount per $ to LBP (12,000) and comes up with a total of 12,000,000.00 LBP.

 

When there's a slight difference in your invoice rate and payment that affects the amount of your current assets, you'll have to check this info by pulling up either the Unrealised Exchange Gains & Losses or Realised Exchange Gains & Losses report. These reports provide detailed lists of transactions that gains and losses caused by changes in exchange rates. Just go to the Reports menu, then select either of the mentioned reports under the Standard tab's Business overview section.

 

Also, to answer the most frequently asked questions about the multicurrency feature in QBO and the difference between unrealised and realised foreign exchange gains or losses, you can refer to these articles: 

 

Let me know in the comments below if you have other concerns about managing your home and foreign currency transactions in QBO. I'm just around to help. Take care always.

wissamroutes-gma
Level 1

My home currency is LBP.I buy my products (Stock USD) in USD& sell them in LBP, when I revaluate my currency it gives me wrong figures, how can i solve this?

Dear Support,

No one is answering my question and I don't know why!!!!

Check the “Routes assets” history account screenshot where you clearly can see that A/R is 12 million $, yes 12 000 000 $, Again 12 000 000$!!!!!!!!!!Not 12 000 000 LBP!!!!!!!!!

 

Appreciate your quick reply because this is taking too long!!!

 

Thanks.

GlinetteC
Moderator

My home currency is LBP.I buy my products (Stock USD) in USD& sell them in LBP, when I revaluate my currency it gives me wrong figures, how can i solve this?

Hello, wissamroutes-gma.

 

I would suggest reaching to our Customer Care Support Team to have this better checked. They can pull up your account in a private one-on-one setting to determine why the A/R on your Routes assets is $12,000,000 instead of LBP.

 

Here's how to reach out to them:

 

  1. Open QB Assistant by clicking the Help menu.
  2. Select Talk to a human
  3. When asked, enter something like "Home currency."
  4. Proceed with I still need a human.
  5. Click the Get help from a human link.
  6. Select Get a callback or Start a message

Please take note of our business hours to ensure we can attend to your needs.

 

Feel free to share an update about this. We'll be to assist you again.