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bjackson39202
May 24, 2021
Question

Reconciling a Balance Sheet account with Multiple currencies.

  • May 24, 2021
  • 1 reply
  • 0 views

I have a taxes payable account in USD. The account has Yen transactions pass through the account. For 2020 all the Yen transactions net to zero (which is good as they should). However they have a $2.7k USD balance between all the transactions given the various exchange rates used. Since the account is in USD it doesn't appear the currency revaluation tool will correct this.

 

What is the best way to correct? Currently I can only think of recording a Journal entry in USD for the amount with the offset being gain/loss on currency. 

 

Thanks

1 reply

S
ShiellaGraceA
May 25, 2021

Thanks for posting here today, @bjackson39202.

 

I have some information about reconciling foreign currency. While this option isn't available in QBO, you'll want to create a journal entry to zero out the USD amount. I'd also recommend consulting with an accountant before doing so, just to make sure you're recording it to the correct accounts.

 

To create a journal entry:

 

  1. Go to +New.
  2. Select Journal entry under Other.
  3. Enter the JE details.
  4. Click Save and close.

 

In case you need help with other banking tasks, click this link to go to our general banking topics with articles.

 

Please know that you're always welcome to come back to this thread if you still have questions or concerns with accounts. I'm always here for you. Take care and have a fantastic day ahead.

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