Home Currency Adjustment
If you have an account with a zero balance in a foreign currency and a non-zero balance in the home currency, there is currently no way of doing a home currency adjustment. There needs to be - either by having a "home currency adjustment" tick box on the journal entry screen (as per Quickbooks Pro) or by ensuring that it appears on the list in Currency Center when you hit 'revalue'.
I use the multi currency version of Quickbooks Online. The Revalue Currency button can only be used for open transactions on the day you perform the revaluation.
I need to make manual journal entry to revalue every balance item (Accounts receivable / Payable / Bank accounts) each in 3 different foreign currencies, to get the correct value at year end (to match the numbers with the annual report).
It would be very helpful if Quickbooks can do the revaluation for all these items on year end (31-12).
I'd like the ability to change currency values based on the date of a transaction. Say every transaction from 1 year ago will have the same exchange rate, and every transaction from now will have another rate amount.
We have been having big issues with revaluating a foreign bank account. We are based in the UK but we the company base currency is USD. The company has a bank account in EUR and it is impossible for us to revalue the EUR bank account without affecting the EUR balance. We have contacted service and support department and they have confirm that this currently not available in QBs online. Foreign Exchange variance is essential and we would like to suggest to add this feature to QBs online.
We also notice that QBs does not give us the option to revalue a bank account where we choose the date and we add our fx rate.
If you need further details of the situation please do not hesitate to contact us.
We look forward to see this changes in QB soon.
Thanks and regard.
Averil Johnson commented
When revaluing currencies at our own rates, allow the date to be chosen
We need to overide the automated fx. it creates 1 cents balance even if Original invoice rate is the same.
We need to work out how to close bank accounts that have never revalued but using spot rate. leaving a system balance even if there is ZERO EURO. but 438.62 USD functional currency.
This is very important, so you can balance your foreign currency accounts to the amounts submitted for taxes
Fix multi currency revaluation issue between home currency and original foreign currency. It is difficult to use an accounting system that cannot handle a simple task of zero balance in home currency when the balance of the account in original currency is zero!!
Foreign currency revaluation - where's the option to revalue at a specific date, instead of just today's account balances?
Account receivable summary does not take into account of revaluation of foreign currency. It shows only the original home currency invoiced figure instead of the month end revaluation figure.
Home currency adjustment ignores zero foreign currency balances. I had €zero balance but £200 due to exchange differences but when "revalue" in the home currency it did not recognize the zero account. Fudging €0.01 into the account brought it back.
Foreign account balances on Trial Balance &/OR Balance Sheet. Revaluation process at specific dates on Foreign accounts on Balance Sheet or adjusting journal in "home currency"....