Hey All,

I know this is an old thread, but an on-going issue.

We have a few work-arounds for this internally as we HAVE TO use the multi-currency option for some of our clients and we also HAVE to accept the day rates QBO posts (honestly they're not that bad if you know what you're doing and understand multi-currency & it's Reporting)

First, the Only way I know of to see an account in it's natural Currency at any given time is the Ledger itself. Sadly this means it's "one account at a time" See what I mean here https://app.qbo.intuit.com/app/register?

If you choose your Foreign Currency account on the Dropdown there and Filter by a Period you want to look at, it will show you a running Foreign Balance.

Regarding a Foreign Accounts Payable or Receivable Report. We use a Customized "Transactions by...." Report like this.

This report shows all OPEN payables in detail with their Currency noted etc. The only drawback is once again the Balance. QBO seems to be geared to only show Home Currency Balances. so to get the Natural Balance on these Payables you do need to use Excel.

I would strongly suggest you DO NOT change the Rate to 1:1, otherwise you're not really using or taking advantage of the Multi-Currency option. FYI Multi-Currency is essentially only useful for calculating theoretical Gains/Losses by holding Currencies or accepting payments in foreign currencies.

E.G. You Invoice a Customer $100 of Currency X on Day 1. They Pay you on Day 15, i that time the currency Rate has dropped. You have now made a Foreign Exchange loss because that currency was worth more when you Invoiced it, compared to when you were paid. Just a quick overview, let me know if you'd like to learn more.

Please mark this answer as a helpful solution if it answers your question

Otherwise a nice "Cheers" would be good too !
Thanks
McBride Bookkeeping

Of Course I didn't mention the Currency Centre as I'm sure you've all tried that and are not too happy with the workaround?

We do use this to "Pretend" to Revalue the Currency. Enter any date and it will show you all those Foreign Currency Balances on that date in one place. Pretty sure this is what you meant @vbal right?

This is probably the quickest way to get many balances at once, assuming all you want is the balance. Plus per @jdq-qb2 comment, Quickbooks does in fact (as it is supposed to) calculate the Home currency balance as a sum total of all the individual rates posted in the year. So this is where you NEED to go to fix that at the end of the Year. Quickbooks (and other accounting software) will not do this automatically for you as it can wreak havoc on your books if not done at the right time & rate (once everything is posted and reconciled)

Once a year you should be coming here and revaluing all your foreign accounts to a more current rate. This effectively "locks in" any exchange Gain or Loss you've made with the currency to that point. Of course, just like stocks and shares, if you keep holding it, the value can go up or down again. Pretty sure this is what @xrobin was talking about but ironically there's no need to do it manually. the built in features are there to help if you know how to use them right.

I know these work-arounds are NOT ideal, but I hope you all appreciate like @Santa Monica said, this is not one of those generic Canned QBO employee responses. Sure sure, we could all suggest feedback cause that will work ;) lol seriously though, we should all suggest Natural/Foreign Currency balances in Reports, maybe if enough people suggest it, they may listen?

Meanwhile there's always the Account Register which shows the running Foreign Balance (You know you can filter these Registers just like a report right?) and my Custom Payables report showing foreign amounts

SO the question I am looking for is how do I print a ledger with the Foreign balance?  If you want to do a manual reconciliation you cannot do so because we are unable to get the correct amount.  As confirmed by someone else we have been able to do this in QBD for years.  is this a change we should  be expecting or not?

Thanks 

Hi, @mamabub. 

If you'd like to see certain accounts in their currencies, I'll show you a way to view that on your end. 

If you want to see the foreign balances on your ledger, we will need to turn on the Multicurrency feature in QuickBooks Desktop. Doing this will allow you to enter other currencies.

Here's how:

1. Go to the Edit menu, then select Preferences.
2. Select Multiple Currencies.
3. Go to the Company Preferences tab, then select Yes. I use more than one currency.
4. From the drop-down, choose your home currency.

Once done, we need to set up the foreign-currency customers and vendors. Please visit this page for the next step: Set up and use Multicurrency.

Next, we can customize the report to look for the details from the Display section, then modify them. To do this, follow the steps below:

1. Click Reports from the left menu.
2. Search for Balance Sheet Detail report.
3. In the Report period drop-down, select the date range you want to show in the report section.
4. Select the Customize button.
5. Go to the Display section and change the columns by checking the Foreign Balances and Foreign Open Balance.
6. Put a checkmark on the Currency and Foreign Amount checkboxes.
7. Click Run report. 

I also prepare a screenshot to visualize the steps:

In addition, feel free to check this article to see other details you can add to your customized report: Customize reports in QuickBooks Desktop.

Otherwise, if you want to have it in QuickBooks Online, the option is unavailable for printing foreign balances. 

Once you've done this, you'll be able to see accounts with different currencies on the report. Let me know if you have other questions. I'm here to help. 

@ChristineJoieR I think that was @mamabub 's point.

They CAN do it in QB Desktop but not in QB Online.

We want this ability in the "new" online software

Hello there, @McBrideBookkeeping.

Let's send feedback or product recommendations to help improve the features and your experience using QuickBooks Online (QBO).

I can see how the benefit of being able to print a ledger with a foreign balance would aid you in managing your accounts and transactions with QBO. With this, I would encourage you to send suggestions or product recommendations. We'll take them as opportunities to improve the various features of our products.

Your valuable feedback will be forwarded and reviewed by our Product Development team and will help improve your experience while using the program. Here's how:

1. Go to the Gear icon.
2. Select Feedback.
3. Type in your recommendation in the Share your feedback field.
4. Click Next.
5. Follow the on-screen instructions to complete the process. 

Also, you may want to check out one of our Help pages as your reference to guide you in managing your business growth and transactions using QBO: QuickBooks Learn and Support. It includes help articles, Community discussions with other users, and video tutorials, to name a few. 

Please feel free to leave a comment below if you have other feature concerns or questions about managing transactions in QBO. I'm always ready to help. Take care, @McBrideBookkeeping.

The Quickbooks team typically give canned responses that don't actually solve the exact problem that is being shared. Additionally they suggest requesting this feature be added but that never seems to happen. I requested adding a 'Foreign Balance' column to this report similar to what the old desktop software had back in April of 2020 and still nothing. We aren't asking for something that has never existed but rather for them to just add this simple feature back into QBO. Currently the only way to get a foreign balance is to manually sum it from a general ledger but that document gets really long over time and is tedious to do it for each account. This really needs to be fixed if they advertise multi-currency. In my opinion if they don't support seeing the foreign balance of a foreign currency account in a balance sheet report then they shouldn't advertise full multi currency support.

I couldn't agree more with you.

QBO multi currency is a bit tricky,  complicated, inconvenient to a user that has no accounting background.

Following the entire string hopefully, and sort of happy everyone else went through every logistic as I would have - good job Drew, McBride Bookkeeping, others.   This is a massive oversight for a program as robust as Quickbooks.    The suggestion we should have to export to excel and modify to get a balance is hilarious enough, the fact that there is no exchange rate to make it possible, even more so.   I have this exact same frustration, I run and reconcile a USD bank account where my home currency is CAD, and the only way I know my balance is by checking my bank account, which of coarse depending on deposits isn't much use.  I have USD payables, I need my balance!   COME ON QB ONLINE - this should be basic!!!

@heathertyre 

I assume you've tried the Register View for your needs. Sounds like that might work for you. It's quite an overlooked area of the program. the Filtering and display options are 'actually pretty good' lol

Here's the main link. you just need to choose your USD accounts from the drop down. filter by a date range so you're not overwhelmed by entries and your balance is right there in USD

https://app.qbo.intuit.com/app/register?

Best of Luck 

Richard

Keeper of the Books

Right there in Account History, oh my!   I might owe an apology for yelling at QB.    Although I would still be happiest to work better in reports for this, at least there is my balance.   Kudos McBrideBookkeeping!

Hi, McBride Bookkeeping.

Have you got any natural-currency workarounds for QB Online?  

Do you think it's worth switching to QB Desktop if I need this feature?

I have accounts in Australian Dollars (AUD) and USD, and I have to file taxes in both countries. I need tax-appropriate P&L reports for both countries in their natural currencies.

Thanks!

jennie

We also need to be able to see the currency running balances in all customers and suppliers` reports!

Hi, Ferro.

I value your interest in viewing the currency running balances for all customers' and suppliers' reports in QuickBooks Online (QBO). I highly appreciate your view as we actively work to improve our services.

While this feature isn't available now, I encourage you to send a feature request directly to our product developers. This way, they can determine what enhancements and improvements are needed to make our product more effective and convenient for our users.

To start:

Here's how:

1. Select Feedback from the Gear icon.
2. Enter your comments or product suggestions.
3. Tap Next to submit.

Once done, your valuable suggestion goes to our Product Development team to help improve your QBO experience. You can track feature requests through the QuickBooks Online Feature.

On the other hand, I'm adding this article for more hints on running basic reports in our system: Run reports in QuickBooks Online.

Furthermore, QuickBooks enables you to bring your reports to Excel, empowering you to customize the information and utilize the data outside the system.

You're always welcome to leave a comment if you have further questions aside from your customers' and suppliers' reports. I'll be around to help.   

Yes, same here.

Instead of  clicking each account from the mixed AR/AP reports, I need the AR /AP reports only showing foreign customers/suppliers in their currency.