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akber-rao-gmail-
Level 2
posted
‎January 07, 2023 03:50 PM
last updated ‎January 07, 2023 3:50 PM

Trial Balance shows wrong amounts after converting multi-currency transactions into home currency. How can this be reconciled

I have multiple currency bank accounts and USD as home currency. I have categorized all the bank transactions. When I check the trial balance, the QB converted USD balances are not correct. For instance the bank account which has a closing balance as Zero shows a credit balance in trial balance after converting transaction in home currency
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1 Comment 1
jenop2
QuickBooks Team
QuickBooks Team
‎January 07, 2023 07:03 PM

Trial Balance shows wrong amounts after converting multi-currency transactions into home currency. How can this be reconciled

Let me help you make sure the amounts in your Trial Balance are correct, akber-rao.

 

The amount difference can be caused by the conversion rate. You'll want to create a home currency adjustment to balance out the amount. Here's how:

 

  1. Go to the Gear or Settings icon, then select Currencies.
  2. Find the currency you want to adjust.
  3. Under the Actions column, select the small arrow ▼ icon.
  4. Click Revalue Currency.
  5. Pick a date (today or a day in the past) to run a currency revaluation.
  6. Select whether you'd like the revaluation to be based on the market exchange rate or a rate you specify.
  7. Choose the account(s) you want to apply the revaluation to.
  8. Click Revalue.

 

revalue 1.PNGrevalue 2.PNG

 

Here's an article about this process for more details: Enter Home Currency Adjustments for Your Foreign Balances.


You can also read additional guidance and references about managing multi-currencies in these articles: 

 


Keep me posted and let me know if you're able to sort out and reconcile the amount in your Trial Balance report. You can also post more questions in the Community if you need anything else. 

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