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Andrea Chandler
October 2, 2023
Question

Unpaid Bills Report

  • October 2, 2023
  • 1 reply
  • 0 views

Hi

At month end I revalued my foreign currencies (bank and creditors) and have run an unpaid bills report, but unfortunately the GBP equivalent is still showing the entry exchange rate.  The balance sheet a/p balance has translated correctly.  Is there a way to correct this?

Thx

1 reply

JessT
JessT
October 2, 2023

Hi Andrea,

 

I'm glad to have you here in the QuickBooks Community on this beautiful evening! I'll explain why the Unpaid Bills report are still showing the original rate or why the bills are using still the old rate, to be specific. 

 

The revalued rate does not apply retroactively, which is why your previous bills are not affected when you revalue the foreign currencies. As a result, your Unpaid Bills report remains unchanged. However, QuickBooks will generate a journal entry that shows the realized gain or loss from the revaluation, and it's also reflected in the Balance Sheet report.

 

If your goal is to update the amounts in the Unpaid Bills report, you would want to revalue the exchange rate of each bill rather than revaluing the foreign currencies in the in the Currencies section.

 

You can always go back to this thread if you have any other concerns about your reports. Take care and have the good one!

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