How to get accurate financial statements and adjusted trial balances with multi-currencies?


I'm having some issues with the multi currency feature at the moment of using the report "Adjusted Trial Balance". The company where I work has a branch in Mexico and uses the MXP currency, so after the end of each month, there's a "Exchange in Gain and Loss" where our USD bank account is affected. 

Example, at the beginning of the period I start with $1,000 USD in bank account "A", and the exchange rate in that day is $18.5 MXP, so my "Adjusted Trial Balance" reads: $18,500.00 MXP. But let's say that at the end of the month, I did not spend anything and I'm still with $1,000 USD but now the currency has changed to $19.0 MXP. So, how can I change the value in my "Adjusted Trial Balance" to read $19,000.00 MXP and having the same $1,000 USD?. 

I tried doing a general journal in exchange in gain or loss to match the MXP amount in  my statements, but my dollars in the USD bank account in QBs either increase or decrease, when physically my dollars are still the same. Hence, I cannot reconcile correctly either.

Does someone knows how to properly record this without affecting my dollars?

Thank you!

No answers have been posted

More Actions

People come to QuickBooks Learn & Support for help and answers—we want to let them know that we're here to listen and share our knowledge. We do that with the style and format of our responses. Here are five guidelines:

  1. Keep it conversational. When answering questions, write like you speak. Imagine you're explaining something to a trusted friend, using simple, everyday language. Avoid jargon and technical terms when possible. When no other word will do, explain technical terms in plain English.
  2. Be clear and state the answer right up front. Ask yourself what specific information the person really needs and then provide it. Stick to the topic and avoid unnecessary details. Break information down into a numbered or bulleted list and highlight the most important details in bold.
  3. Be concise. Aim for no more than two short sentences in a paragraph, and try to keep paragraphs to two lines. A wall of text can look intimidating and many won't read it, so break it up. It's okay to link to other resources for more details, but avoid giving answers that contain little more than a link.
  4. Be a good listener. When people post very general questions, take a second to try to understand what they're really looking for. Then, provide a response that guides them to the best possible outcome.
  5. Be encouraging and positive. Look for ways to eliminate uncertainty by anticipating people's concerns. Make it apparent that we really like helping them achieve positive outcomes.

Select a file to attach:

Qb community
Looking for advice from other business owners?

Visit our QuickBooks Community site.