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A
ARC-V
April 26, 2024
Question

Categorizing costs based on Location and Class

  • April 26, 2024
  • 1 reply
  • 0 views

Hello, 
I am trying to track costs based on class and location on Quickbooks online. 
However, on the revaluation of currency, once we revalue currency, QB online automatically generates the journal. 
I have tried to add the location and class on the journals but it is locked...hence the cost is classified under Not Specified. 
Has anyone figured a solution yet?

 

1 reply

M
MAnneJ
April 26, 2024

I appreciate what you've done on your end, @@ARC-V. Let me provide additional information about revaluing your currency in QuickBooks Online. 

 

QuickBooks Online generates a journal entry with zero gain or loss for Accounts Receivable or Accounts Payable when you create a Home currency adjustment.

 

However, when the journal is generated, we can't modify the date, debit or credit amounts, or exchange rate associated with the entry. 

 

On the other hand, it's necessary to delete the existing journal entry and re-run the currency revaluation if you need to make any changes.

 

Additionally, I've added this article for your reference to learn how to add a vendor with a foreign currency in QuickBooks Online Essentials, Plus, and Advanced: Add a vendor with a foreign currency in QuickBooks Online.

 

Please click the Reply button if you need additional assistance managing your currencies in QuickBooks Online. I'm always here to assist. Keep safe. 

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