QB forcing a change in FX rate when applying a AR/AP credit to an outstanding invoice/bill that had a different exchange rate. This creates major problem on the books as it changes some GL numbers for a closed fiscal. Does anyone have a solution?
as it changes some GL numbers for a closed fiscal
suggest to contact QB ProAdvisor and/or your competent professional accountant who supports multi-currency to review your working.
if you're working FX transaction in the right way, previous fiscal transaction will not be affected.
I am a certified proadvisor. I have actually contacted QB tech support to report this issue today. However, they could not provide me with an answer/solution. Therefore I decided to post my question in this forum and see if any fellow proadvisers or other accountants ran into the same issue.
One of my client recently applied a bunch of old US AP and AR credits against some current US bills/invoices. As QB forced the same FX rate on those old credits to match the FX used in the Current bills/Invoices, it changed the US conversion on all those old credits. As a result, it changed last year final trial balance. Now I have to find a way to undo the changes made by QB.
My client is using QB 2010. However, QB 2011 is doing the same thing.
I am surprised that QB would want you to change post period transaction exchange rate, as it changed your post period reports. My suggestion: if you have a post period T/B, print a current one and compare the affected accounts and do a journal entreies (credit or debit) to correct the errors. The difference should be Foreign excahnge Gain/Loss account. Contact Intuit Technical Support for this error, they have to fix it as this will be a on going transaction.
