Glad to have you here in the Community, @Drew_E.
You can customize the Balance Sheet Detail report to show accounts balance with a different currency. Let me guide you through the steps.
Once done, you'll be able to see accounts with different currencies on the report.
Here's an article you can read for more details: Customise reports in QuickBooks Online.
Just in case you want to memorise this report, feel free to check out this article for the detailed steps and information: Memorise reports in QuickBooks Online.
Please keep in touch if there's anything else I can do to help you succeed with QuickBooks. I've got your back. Have a great day and be safe.
Yes, I realize I can show a foreign amount for each transaction that shows in a balance sheet detail report, but there is not way to show the foreign balance of that account in the balance sheet detail report. For example I have a bank account that is in EUR but my home currency is in USD. In Quickbooks desktop there was a foreign balance column that showed a beginning balance in EUR, a running balance from each foreign amount transaction, and an ending EUR balance in addition to the home currency balance column. So, I can't see any way to see the balance of this EUR account all I can see is the USD equivalency.
Hello there, @drewecherd.
You'll need to turn on the multi-currency feature to view the foreign balance in QuickBooks Online (QBO).
For more information about the Multicurrency feature, I’m adding links that provide an overview of the Multicurrency feature. You’ll find instructions on how to add another currency account and assign it to a customer.
Let me know whenever you have any questions or concerns. I’m here to help and make sure you’re taken care of. Have a good one.
So far the two responses to this question have not been very helpful. Yes, I have multi currency turned on. I'm wanting someone to answer my question and not copy and paste an answer for a related question. I am very clearly and very specifically asking about whether QBO has the ability to show a foreign balance on a balance detail sheet or any other report for that matter. It seems that QB employees just want to respond to questions with some answer to try to show they are helpful when actually not answering the question isn't helpful. Please don't copy and paste anymore somewhat related topics such as: how to do a home currency adjustment, how to set an exchange rate, how to memorize a report, etc. That would not be helpful and those answers already exist in many other places just as the two answers already give already exist in many other places. If we want to help the QB community then lets provide new information to them with this thread.
I'd like to share a report, drewecherd.
The foreign balance is unavailable in the Balance Sheet Detail report. You'll want to run the General Ledger. This report shows the beginning balance, transactions, and total for each account in your chart of accounts.
Here are the steps:
I'm also adding this article that you can bookmark: Reports included in your QuickBooks Online subscription.
I'll be around if need more help with QuickBooks Online. Take care and stay safe.
Yes, I had looked at that report as well. It allows the addition of foreign debit, foreign credit, and foreign open balance columns, however, the foreign open balance is blank and again I can only see the running balance in the home currency. Where can I run a report that shows the balance of all my accounts including both their home currency equivalency and the account's foreign currency. Again, in QBD this was easily done in the balance sheet detail with the addition of the foreign balance column. As you say that isn't available on QBO balance sheet detail reports. So, my question is how can I see this information in any report on QBO?
Hello there, drewecherd.
I understand that you need a report to show the foreign balance.
What I can suggest is to add the Exchange rate column and export that report into an Excel file. From there, we can get the foreign balance by calculating the home currency balance and the exchange rate.
Here are some of the articles you can refer for more details:
Post again here if you have other concerns. Wishing you all the best!
This also is an unsatisfactory answer because, neither the General Ledger nor Balance Sheet Detail reports give an exchange rate for the opening and ending balance so how can someone know on the date range for the report what the exchange rate was to use for this manual calculation? Additionally this doesn't account for drifting currencies and assumes that home currency adjustments have been run for both the beginning and ending date range of the reports. This is not accurate.
Can someone from QB clearly state in this thread that if I have a bank account in EUR and my home currency is in USD that there is no report anywhere in the lists of reports that employees have posted here that can give me my beginning balance of that account in EUR for the date range and the ending balance for that account in EUR?
Doesn't that seem like a very basic feature? When will this functionality be added to QBO? I'm surprised that when 'Multi-currency' functionality is advertised that there is no way to run reports showing my balances of these accounts in their local currency.
I can see how important for you to run a report that shows the foreign balance. However, the availability of this type of report is not yet an option in QuickBooks Online. Please note that our goal here is to help you save time and keep things simple when doing a task in QuickBooks. For now, we can take this as a product suggestion.
You may want to visit our QuickBooks Online blog. From there, you'll be updated with the features and enhancements that our developers are currently working on.
Feel free to add a comment below if you have any other concerns.
Yes, this is important, but I would think that it is important to anyone who has accounts in multiple currencies. You seem to have eluded to the fact that the absence of this 'feature' is for simplicity sake. I'm surprised that QBD 2013 had this basic ability. I also don't think that being able to report the value of an account on a given day is asking for a lot. Honestly, aside from this issue I've been happy with QBO. Is there a way to see what features are in current development? My suggestion would be to simple add a 'foreign balance' column to either the balance sheet detail (as QBD has) or to the General Ledger.
Drew E is completely right from what I can tell. I am running into the very same problem, and it seems extremely basic. It also seems like QBO is taking the wrong approach when creating Balance Sheets on Multicurrency accounts.
I am paying extra for "multicurrency" option on my QBO account. My "home" currency is US$, but I have an "other asset" (deferred expense) account is in Euros, and it represents a true Euro bank account where the money is kept in Euros and spent in euros.
Nobody at QBO seems able to answer this question or understand the issue! In future I'm going to recommend to my clients that they DON'T use the Multi-Currency feature! That way you can record the foreign currency as it is and do 1 foreign exchange journal entry every month to revalue the foreign currency account into Home Currency. The Multi-Currency feature is not very good!