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K
keshav7795
October 3, 2021
Question

Quickbooks Desktop reports not tallying with quickbooks online

  • October 3, 2021
  • 1 reply
  • 0 views

Hi

 

I just migrated from QB desktop pro 2017 to QB online. Unfortunately my reports are not balancing despite running them on accrual basis on both sides and selecting all dates. The differences are coming on my foreign AR and AP balances and my  FX account. Please help!

1 reply

S
ShiellaGraceA
October 3, 2021

Thanks for coming by, @keshav7795.

 

I'll share some information about reports that have different currencies. Since transactions with multi-currencies won't convert to QuickBooks Online, you'll want to manually set up the rate. This way, your report will balance.

 

Here's how to do it:

 

  1. Go to Gear.
  2. Choose All lists.
  3. Select Currencies.
  4. Locate the currency and then Edit currency exchange the currency. You can also tick the Add currency to create a new one.
  5. Click Save.

Once you're done, go back to the report and check for the transaction in question to manually enter the rate.

 

I'm attaching these links below to help you manage reports and multi-currencies.

 

 

Please let me know if you still have questions or concerns with the reports. I'll be around to assist you. Take care and have a good one.

K
keshav7795Author
October 3, 2021

Hi Shiella

Thanks so much for you prompt response and it's helping a lot.

I've adjusted the rates for every financial year and as per below exchange difference, this is the difference between my QB desktop and QB online TB. Unfortunately, when I try to revalue and save to clear this exchange difference, it does not action anything and stays the same per below image. Grateful if you could advise on how to clear this.

 

Thanks a lot

Keshav  

 

A
AileneA
October 4, 2021

Hi there, keshav7795.

 

Glad to hear from you again. I hope all is well on your end. QuickBooks offers a versatile multi-currency feature which saves you from manual calculations and conversions. I'd be be glad to share more info on this so you can get back to doing what you love.  

 

With the help of this feature, user can translate the foreign transactions in home currency and calculate gain or loss due to difference between exchange rates of foreign currency and home currency. As this option will revalue all existing transactions as per exchange rate used, the accountant should be consulted before using this feature.

 

Note: Home currency adjustments do not affect foreign balance amounts.  They only change the home equivalent of a foreign balance.

 

To perform a home currency adjustment: 

 

  1. Click the Gear icon.
  2. Choose Currencies.
  3. Look for the currency you'd like to change.
  4. Under the Action column, click the Edit currency exchange link.
  5. Select Revalue Currency.
  6. Choose a date (today or a day in the past) to run a currency revaluation.
  7. Tap whether you'd like the revaluation to be based on the market exchange rate or a rate you specify.
  8. Hit the account(s) you want to apply the revaluation to.
  9. Press Revalue. 

 

Let me share these articles with you about home currency adjustments:

 

 

In case you have other questions, feel free to contact our support team using this link here. Otherwise, leave a comment below. I'll be one message away. Stay safe!

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