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April 6, 2021
Question

My home currency is LBP.I buy my products (Stock USD) in USD& sell them in LBP, when I revaluate my currency it gives me wrong figures, how can i solve this?

  • April 6, 2021
  • 2 replies
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2 replies

April 6, 2021

Thanks for dropping by the Community, wissamroutes-gma.


Allow me to share some information on how QBO handles the revaluation process. Then, revaluate the currency to resolve the issue.


The exchange rate is locked in on the day of each entry. You can use exchange rates from IHS Markit, or enter and use your own rates for transactions.


Home currency adjustments will change the home currency value of your foreign balances. It also recalculates them based on a new rate. To fix the figures of your currency, let’s create an adjustment.


Here’s how:

 

  1. Go to the Gear icon at the top and choose All Lists under Lists.
  2. Tap the Currencies link and choose USD from the list.
  3. Click the drop-down under the Action column to select Revalue Currency.
  4. On the Revalue page, enter the date of the revaluation.
  5. Make sure to type the correct rate and amount.
  6. Pick the account you wish to apply for the revaluation.
  7. Hit Revalue.

 

Check out this article for more details: Enter home currency adjustments for your foreign balances.


Additionally, we collated answers to common questions about home currency adjustments. Make sure to click the link to see the complete guide: Frequently Asked Questions about Home Currency Adjustments.


Keep me posted if you need more help with QBO. I’ll be happy to assist further. Have a good one.

April 6, 2021

Home currency: LBP / foreign currency : $

lets say I bought 2 products for 10000$ each from a supplier (foreign currency $), My stock Account (Current Assets) is USD/ purchase account is USD, Selling account is LBP (Home currency).

when I revaluate the account and I change the rate the next day it gives me the correct figures.

 

but when I sell one product either to a customer (home currency or foreign) and I am left with 1 product in stock account and I want to revaluate the account it gives me wrong figures.

April 6, 2021

Hello wissamroutes-gma,

 

Home currency adjustments change the home currency value of your foreign balances, recalculating them based on a new rate. Until you recalculate the home currency value of your foreign balances using current exchange rates, your reports show the home currency value based on the exchange rates you used at the time of each transaction.

 

I'd like to ask which rate you used or a screenshot of the invoice where you can see the discrepancies or you see an incorrect value on the currency page. Any additional information is much appreciated.

 

I'll be around to keep an eye on your reply. Take care and have a great day!

April 6, 2021

Home currency: LBP / foreign currency : $

lets say I bought 2 products for 10000$ each from a supplier (foreign currency $), My stock Account (Current Assets) is USD/ purchase account is USD, Selling account is LBP (Home currency).

when I revaluate the account and I change the rate the next day it gives me the correct figures.

 

but when I sell one product either to a customer (home currency or foreign) and I am left with 1 product in stock account and I want to revaluate the account it gives me wrong figures.