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A
arifai
August 8, 2023
Solved

Foreign Currency Customer Balance and Accounts Receivable Discrepancy

  • August 8, 2023
  • 2 replies
  • 0 views

Somehow, my foreign currency (USD) customer balances are all 0, but the USD Accounts Receivable Balance still shows a $120.46 CAD balance. How can I clear the $120.46 without creating an open balance for a USD Customer? Both should have 0 balances, but I can't seem to clear the discrepancy without changing the other.

Best answer by AdminAndrea

Understood - for a previous period that is closed a change like that would make a bit of a mess.  

 

I've never had to adjust an entry that was that far back in time - not sure how to do that to be honest.  I suppose if the customer has a current year entry that you could adjust in order to zero out the difference it could work to bring the CAD value to zero but I'm not sure if that is correct way to deal with something like that  -?-  

 

2 replies

T
Trish_T
August 8, 2023

Hi arifai,

 

It's great to see you reaching out here.  Welcome!  When situations like this arise, with QuickBooks Online multicurrency, it's best to connect with us outside of Community.  This will provide a member of our Customer Care team with the ability to work with you virtually, with your consent.  In addition, it will provide a better understanding of how the transactions have been recorded, and ensure the associated accounts are balanced as soon as possible!

 

Schedule a Callback or start a Chat: click (?) Help in the upper right in QuickBooks Online > enter "Contact support" > hit Contact Us > provide a brief summary of your situation > hit Let's Talk > choose Get a callback or Start a Chat.

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Support hours are from Monday to Friday between 9 a.m. and 8 p.m. ET.

 

If you have any other questions, feel free to reach back out.  We'd be happy to help!

 

A
arifaiAuthor
August 8, 2023

I tried that twice already, and they could not help me.

J
JamesM4
August 8, 2023

I'd like to make sure you get the help you need. Were you provided a reason  elaborating why you couldn't be helped further? 

A
AdminAndrea
August 9, 2023

The issue could be the ROE conversion that was used by QB. 

Are you able to view what entry/entries are causing the open balance amount of 120.46 CAD? 

 

For one of my credit memos the ROE didn't match the invoice it was to clear so even through the USD value was good the CAD equivalent was off.  Once I figured that out I was able to update the ROE used for the credit memo entry so that it would clear out the correct CAD value.  

A
arifaiAuthor
August 9, 2023

Hi Andrea,

 

Thanks for your message. I know the variance is from a 2018 payment to two USD invoices. But rather than changing the exchange rate on the 2018 payment, I'd like to make an adjusting entry to avoid changing a fiscal period that's already been closed and filed for taxes.

A
AdminAndreaAnswer
August 9, 2023

Understood - for a previous period that is closed a change like that would make a bit of a mess.  

 

I've never had to adjust an entry that was that far back in time - not sure how to do that to be honest.  I suppose if the customer has a current year entry that you could adjust in order to zero out the difference it could work to bring the CAD value to zero but I'm not sure if that is correct way to deal with something like that  -?-  

 

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