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C
CMOE
March 7, 2020
Question

Report "unrealized Exchange gain & Loses" seems to calculate the Gain/Loss properly for ASSETS but incorrectly for LIABILITIES (wrong sign). Is there a work around?

  • March 7, 2020
  • 2 replies
  • 0 views
The report currently shows situations like the ones below: USD Bank account actual balance (Adjusted Balance) $0, Quicken Balance (Current Balance) $1,000. Loss: USD$ (-1000). This is CORRECT USD Account Payable actual balance (Adjusted Balance): USD 10,000, Quicken balance(Current Balance): $8,000. GAIN:USD$2000. This is INCORRECT. It is a LOSS for that amount. It seems the report uses the same formula for Assets and Liabilities when it should be reversed for Liabilities. I am sure I am not the first one having the problem. Has anyone found a solution to the incorrect reporting of Exchange Gain and Losses?

2 replies

A
AndréB12
March 9, 2020

Hey carlos-rosito,

 

Keeping an accurate record of your exchange gains and losses is a vital part of managing your international sales. This is something QuickBooks Online handles for you, making it easy to know the specific effect fluctuating exchange rates have on your business. Any time you record a payment, the system automatically calculates the difference between the home currency values of the payment and amount owing. This ensures you'll always have accurate balances in your A/R and A/P accounts. The error you're describing is unusual, but I'm confident we'll get to the bottom of it.

 

You've mentioned Quicken, if this error is occurring in the Quicken software, please reach out to their support. Otherwise, I'd really like to take a closer look to help get a better understanding of what's happening. Choose from the following methods to get in touch with an agent, they'll have the tools to sort this out in no time. 

 

Phone and Chat: Click Contact Us to learn how to reach phone and chat support.

Schedule a Callback: click (?)Help in the upper right > click Contact Us > explain your situation > click Let's Talk > choose Get a callback (Note: Callback hours are the same as regular phone hours.)

Social Media: Facebook, Twitter, and Instagram from Monday to Friday between 9 a.m. and 8 p.m. ET

 

Don't be afraid to reach out! I want to make sure everything is recording correctly.

C
CMOEAuthor
March 12, 2020

Hi AndreB.  Thank yo for your note.  I had talked to a Quickbooks customer service representative prior to the posting, but her proposed workarounds (ask accountant to manually correct the error, etc., etc.) was not the right solution for us and certainly not for Quickbooks.

How do I escalate the problem within Quickbooks?  the contact info that you provided only takes me to another customer service representative.

I need to get a solution in a couple of weeks or I will have to do my year end using another system.

Thank you

Carlos

 

A
AndréB12
March 12, 2020

Hey again carlos-rosito,

 

I know how crucial it is to have accurate books. This is especially true when multi-currency is involved. QuickBooks Online is designed to streamline all things foreign currency to empower your international business. Most issues like this one can be resolved using the revalue currency feature, but if that doesn't work it really helps to get a detailed look at how things have been recorded. Please reach out to an agent, and they'll be happy to take a closer look.

 

Phone and Chat: Click Contact Us to learn how to reach phone and chat support.

Schedule a Callback: click (?)Help in the upper right > click Contact Us > explain your situation > click Let's Talk > choose Get a callback (Note: Callback hours are the same as regular phone hours.)

Social Media: Facebook, Twitter, and Instagram from Monday to Friday between 9 a.m. and 8 p.m. ET


Let me know if there's anything else I can do to help!

A
Arif3
May 26, 2020

I am finding that too and lots of other bugs too one by one ([email address removed])!

C
CMOEAuthor
June 2, 2020

Hi there.

It is clear that the "unrealized Gain and Losses" report in Quickbooks is incorrect.  If you assume that a "+" result is a gain, then the liabilities computation is wrong (wrong sign).  If you assume that a "-" is a gain (like in the p&L) then the asset calculations is wrong (wrong sign)

I have not been able to get hold of someone in QB who can address software bugs.

The good news is that when we reached the end of the year, we used the feature under: Settings->Currencies-> select the currency and then "reevaluate currency".   It creates a JE that adjusts the CAD$ balance to the right amount and records the FX gain/loss in the P&L with the correct amount (it did match our manual calculations).  Right now our Balance Sheet and P&L look correct.  Hope that helps someone.

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