Revaluation of balance sheet item in foreign currency using closing rate?
My year end is 31 December 2013. We close our year 2013 recently. When we tried to revalue balance sheet items in foreign currencies using closing rate, for example, bank balance and accounts receivable, we find out the system can only revalue the balance up to now, not the year end.
I tried second way to pass a journal entry to adjust the home currency of the above mentioned account without changing foreign currency amount, again it fails (as I can not use exchange rate as zero). But desktop version of quickbook can do it in this way.
Please advise this urgently!