I'm adding locations to all transactions. I have been able to add locations to everything apart from "Exchange Gain or Loss" entries. How do I add location to these?

I understand you want to add a location to your exchange gain or loss entries. I recognize the importance of this feature in accurately managing and reporting your financial data, Regan.

The location tracking in QuickBooks Online is designed to classify information based on different locations, offices, regions, outlets, or departments within a single company.

The exchange gain or loss amounts are calculated separately from the source transaction once the payment is applied. The adjustment is automatically generated by the system, so editing or adding a location to it is currently unavailable. This process guarantees that the financial records precisely represent the actual value of transactions in the company's main currency.

Regarding the error you encountered, could you please provide a screenshot? It will help me offer the necessary information or fix the issue.

For additional reference in creating journal entries, refer to these articles:

• Mixing currencies in journal entries.
• Multi-Currency: Journal Entry Error Message.

Let me know if you have other concerns. I'm always here to provide information and help you fix any challenges you may encounter.

To be clear - I do not want to change the value of the exchange transaction in any way - all I want to do is add a location to each individual line item (like you can do for every other journal entry). Adding a location doesn't alter the transaction in any real way, other than classifying the line item to the right location so it can be reported on accurately.

Given all I am wanting to do is a location classification is there a better explanation on why we aren't able to allocate locations to exchange gain/loss? What's the logic when every other journal entry can be allocated a location? As a result of this lack of basic functionality we are left with Income Statement and Balance Sheet reports that are forced to have an unclassified column purely for this single type of transaction. It's messy and unwieldy and as a result also messes up the values for the accounts for the locations (because they should have the foreign currency piece included).

People pay extra to get access to using Locations but it seems like it doesn't work as advertised if there are transactions that are impossible to split into location and mess up all your reporting numbers. If this is the state of the feature it shouldn't be included as a paid upgrade item. Realistically, if QBO are unable to properly classify by location, it means having to find another provider that can - which I'd prefer not to have to do because it's a hassle, so please if there's anything that can be actually done to properly allocate locations to all transactions, please make it happen.

The Location feature is designed to provide additional information on transactions involving specific physical locations or departments within a business, Regan. I'd like to join you and offer my assistance on this matter.

On the other hand, exchange gain/loss transactions refer to variations in the value of foreign currency transactions caused by fluctuations in exchange rates. These types of transactions are often recorded in a bank account specifically designated for foreign currency transactions.

After making some adjustments through the Revalue currency feature, QuickBooks will create a journal entry for the amount to show up in your Profit and Loss report.

While you can't directly assign a location when revaluing currency, you can open the journal entry and manually assign the details after the fact. Allow me to show you how:

1. Open your Profit and Loss report and look for the Exchange Gain or Loss section.
2. Click on the amount.
3. Look for the journal entry and click on it.
4. Add the location details under the Location column.
5. Click Save.

I'd also recommend sending feedback directly to our product engineers about locations to exchange gain/loss entries. Here's an article as a guide: How Do I Submit Feedback?

Feel free to check out these articles for additional reference materials when creating currency adjustments:

• Frequently Asked Questions About Home Currency Adjustments
• Mixing Currencies In Journal Entries

Don't hesitate to always ask for help in the forum if you need anything else when managing currencies, editing exchange rates, and dealing with international transactions in QBO. We're just around the corner to make sure all your inquiries are taken care of.

I'm quite suspicious that this isn't actually a design decision, but a bug/limitation. It seems perfectly reasonable and a common use case to have a bank account that is used by one location, and another for another location, so shouldn't you then be able to then allocate the portion of the exchange gain/loss for that account to the appropriate location?

I suspect the real reason that this doesn't work is because the location functionality hasn't been properly tested with multiple currency users. I say this because these are the only journal entry types that I am unable to directly add a location to, everything else works fine. And furthermore, I have found a workaround that actually allows me to add the location to the line items for these transactions - if you use the Reclassify Transactions tool you can add location to these journal entries without any issue (see image below of the location added, I added these via Reclassify Transactions, it's impossible to edit the journal entry directly). This is a poor workaround though because it requires an upgrade from Plus to Advanced to use it - paying ~$40 a month to be able add locations to these journal entries is heinous, when locations are advertised as a feature included in Plus (which you already have to pay an additional ~$10 a month for).

So it seems you actually can add locations to these transactions, just not easily or cheaply. I will submit a feedback request, but this seems like requesting a fix for a bug/oversight, rather than a request for updated functionality.