Where can I see my home currency adjustment history?
What is the difference between unrealized and realized foreign exchange gains or losses?
Where can I see my unrealized gains or losses?
Where can I get more details on my unrealized gains or losses?
Why am I seeing a line for “Previous Unrealized Gain or Loss” on my Transaction Report?
Why do the Balance Sheet and Accounts Payable Aging not agree?
- When you create a home currency adjustment, QuickBooks creates journal entries with zero gain or loss for accounts receivable and accounts payable.
- The journal entries keep track of the date you revalued a currency, which currency you revalued, and at what exchange rate
- Reports use the exchange rate from the adjustment to calculate unrealized gains and losses.
- You can no longer change the journal date, debit and credit amounts, or exchange rate on the journal entry. This is to ensure that the unrealized exchange gain/loss amounts can be accurately calculated on the reports.
- You can edit the journal entry number and memo field, or add attachments for your record keeping
- If you need to change the date or exchange rate, delete the journal entry and run the currency revaluation again
- On your revalue screen, click the Revalue history tab
- You’ll see a list of past currency revaluations, the dates and exchange rates, and links to the journal entry for each of them
As a result, we show the effect of a home currency adjustment on accounts payable or accounts receivable as an unrealized gain or loss. We show the effect on other account types, like bank accounts, as a realized exchange gain or loss.
Use the transaction detail report for more detailed information regarding your gain or loss.
Note: Unrealized gains or losses will not be reflected in the general ledger or trial balance.
Note: We recommend that you revalue your foreign currencies just before you run your reports, so that you see the most updated and accurate unrealized gain or loss amounts
- You can choose whether or not unrealized gain or loss shows up on your Profit and loss and Balance sheet reports
- You’ll see a checkbox at the top, close to the dates, for Show unrealized gain/ loss. The option is also available in your report customization settings.
- If you turn on the check box, an additional row or column will appear and show the unrealized foreign exchange gain/loss amount.
- On your Customer or Vendor Balance reports:
- Select Report date as your aging method
- Click on the gear icon to open the settings for your report, then click Show more columns
- Turn on the Unrealized gain or loss column.
- You can also turn on additional columns, such as Revalued open balance, or Revalued exchange rate, for more details.
- Click on the account you are interested in to access the Transaction Report for that account.
On the Transaction Report if the account has:
- open transactions (e.g. invoice) and
- you ran at least one home currency adjustment -
These journal entries will show 0.00 for the reasons stated above.
The total unrealized gain or loss will show up in the row for each of your open transactions so you can easily see how all home currency adjustments affect this transaction
If you have a Balance Sheet and A/P Aging report that do not agree, it might be the result of future payments against current bills. The Aging report and other A/P detail reports do not pull bills with a status of "paid." The Balance Sheet is correct, as are the detail reports, because the bill is no longer open.
If you need a Vendor/Supplier Balance report that agrees with the Balance Sheet, customize the Vendor/Supplier Balance report to run as of the Balance Sheet Date and customize it to change its Aging method to Report Date.
An alternative is to customize the Aging report to the As of Report Date. The report will balance to the Balance Sheet as long as the Balance Sheet follows the accrual reporting method for the same date range.
Understanding Home Currency Adjustments
Balance Sheet/Trial Balance and A/R Aging reports don't agree