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H
helio-tangerine-
July 24, 2023
Question

Can I get a Trial Balance with revalued foreign currency balances that match the Balance Sheet Report?

  • July 24, 2023
  • 1 reply
  • 0 views
I have a few accounts in foreign currency, while home currency is USD for example, there are a few GBP creditors.
By the end of the year I have revalued the GBP balances.
When I request a Balance Sheet Report I can see the correct balance in that account: $44,083.08 for a £36,438.31 outstanding balance.
But when I request the Trial Balance and General Ledger Reports I get the $45,279.04 original booking value while the Journal is 0.00.
The question is: How to get a trial balance report that matches the Balance sheet report for this balance?

1 reply

F
FateCandylaneT
July 24, 2023

Let me ensure the revaluation rates on your foreign currencies match the amounts on your financial reports, helio. Allow me to share insights about the exchange rates.

 

In QuickBooks Online, the exchange rate is always calculated as the number of home currency units that equal one (1) foreign currency unit. It would be best to consult and seek advice from your accounting professional if you want to make adjustments to these rates. This way, the values and data on your books will stay as accurate as it is and compliant. To do this:

 

  1. Go to the Gear icon and select Currencies.
  2. Find the currency you want to adjust.
  3. Under the Actions column, click on the Edit current exchange dropdown and select Revalue Currency.
  4. Set a date (today or a day in the past) to run a currency revaluation.
  5. Choose whether you'd like the revaluation to be based on the market exchange rate or a rate you specify.
  6. Select the account(s) you want to apply the revaluation to.
  7. Then, click Revalue and save.

 

Furthermore, you can learn more about exchange rates for foreign currency transactions to help you handle exchange values on your reports. Also, you can run specific reports to ensure you'll get to review your business finances and data.

 

We'll get back to you whenever you require additional assistance managing foreign currencies on your account. Just keep us posted in the comments below. Have a good one!

H
helio-tangerine-Author
July 25, 2023

Thank you for the quick reply.

 

I have done as indicated but the problem persists:

 

I go to Reports > Balance Sheet > Select date to last year > Run Report > I get the following result:

However, if I go to Reports > Trial Balance > Select date to last year > Run Report > I get the following result:

As you can see the balances don't match.

G
GeorgiaC
July 25, 2023

Hi helio-tangerine-, thanks for getting back to us with that detailed information.

 

Unrealised gains or losses are not reflected in the general ledger or trial balance reports - this figure is included in the balance sheet report and hence can be the cause of discrepancies. Please see here for a full explanation - get back to us below if you have any further Q's. 🙂

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