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!

Answer

1 person found this helpful

Hi,

In order to revalue or make changes to the currency, you may refer to the steps below;
- click on the gear icon
- click on the currency centre
- select the currency > hover on the currency where you see a drop down arrow > you may click on the currency adjustment and enter the value which you need.

And also once you do this, you would not need to pass a journal entry for this

Hope this helps :)
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