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L
Linhphamtr
October 12, 2021
Question

Home Currency Ending Balance

  • October 12, 2021
  • 1 reply
  • 0 views

We have an USD Bank account and we reconcile the bank every month. The ending balance in Usd always matches with the bank statement. However, when it’s converted to CAD- the home currency, it ends up with way much higher. The exchange rate is not approx 1.3, it’s around 2. I checked the transactions and its exchange rate, nothing weird. But I couldn’t understand why my US bank balance is so much higher in CAD. I tried to look into this and they have something call Home currency reevaluate. Please help! 

1 reply

T
Trish_T
October 13, 2021

Hi Linhphamtr,

 

Welcome to Community!  We're glad to see you here!  It's great to hear that you're taking advantage of the multi currency option that QuickBooks Online offers.  When reconciling your account, you'll have the ability to make changes to the exchange rate as necessary to ensure your books remain balanced.  I'd be happy to assist!

 

To revalue the currency, follow these steps;

 

1. Go to the Gear icon in the top right of the dashboard

2. Select Currencies

3. Click on the drop-down arrow to Revalue the Market Rate by date, or enter a Custom Rate

 

That's it!  You're all set to continue with reconciling your account!

 

Should you have any additional questions, please feel free to reach back out.  We'd be glad to help!

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