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Level 2

We're experiencing problems with a multi-currency, accrual basis balance sheet. How can I zero out account balances?

In the past, we have recorded out-of-pocket expenses in three currencies -- Lao Kip, Thai Baht, and USD -- by setting up three liability accounts (as "credit cards") and periodically zeroing the Kip and Baht accounts by "paying" them down with the USD (our base currency) account. Then we create a bill for the USD account & pay it, zeroing everything.

I last did this Dec 31 2018 (we stopped spending out-of-pocket starting Jan 1). At that time -- and now -- my Kip and Baht accounts show a zero balance.

On the Balance Sheet, however, Kip shows up as a liability of $498.35 (USD), and Baht shows up as a liability of $23 (USD).

I've tried a variety of approaches to clear these liabilities: adjusting equity (which then adds an equity entry I don't want to the balance sheet), writing the amounts down as 'exchange gain or losses', which results in a negative balance in both the Kip and Baht accounts (and, because I want to make them inactive, QB needs then to add a reversing transaction that only more fully screws things up) . . .

My last attempt to correct the Kip thing was to: debit Exchange Gain/Loss 498.35/crediting Kip, then move $498.35 from A/P to the USD liability account -- and then from USD liability to Kip liability. This zeros Kip on the balance sheet, but it leaves a balance in the Kip account, preventing me from making it inactive without another

I'm out of ideas. Anyone?
1 Comment

Thanks for the details, ["A78nEn"]. I have checked in my...

Thanks for the details, ["A78nEn"].

I have checked in my end and confirmed that we have an ongoing issue about revaluing foreign currencies. I'd suggest reaching out to our Phone Support Team so your name will be added to the list of those affected users. Here's how to contact them:

  1. Click the ? Help icon, and then select Contact us.
  2. Enter Multi-Currency as your keyword.
  3. Click Let's talk.
  4. Choose either Get a callback or Message an agent.
  5. Enter the necessary details to successfully contact them.

I appreciate your patience while we're working to fix this issue.