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Tracy_C
January 14, 2024
Question

Exchange Gain:Loss

  • January 14, 2024
  • 1 reply
  • 0 views

When transferring fund from my USD to CAD bank accounts using the exchange rate for that day; how does the difference get recorded in the Exchange gain/loss account?  Should this be an automatic adjustment by QBO?  I recently made a bank transfer from USD to CAD but the Exchange gain/loss GL account did not update.  Please advise.  Thank you,

1 reply

T
Trish_T
January 15, 2024

Hello Tracy_C,

 

It's a pleasure to see you in Community.  Welcome!  QuickBooks Online calculates the exchange rates, based on the day the transaction was created.  I can understand your concern, when it doesn't automatically updated in your books, when creating a transfer between accounts.  I'll be glad to assist!

 

QuickBooks provides the option to revalue the currency, to ensure your books remain balanced.  Here's how; 

 

1. Open your Settings ⚙, then select Currencies

2. Under the Actions column, select the ▼ dropdown menu for the currency you want to adjust

3. Select Revalue Currency

4. Choose a Date to run a currency revaluation

5. Decide if you would like the revaluation to be based on the market exchange rate or a rate you specify

6. Select the Account(s) you want to apply the revaluation to

7. Hit Revalue

You're all set!

 

Please don't hesitate to reach back out with other questions.  We would be happy to help!

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