Exchange gain or loss expense calculated after a year is closed.
I have a serious problem with QBO. I noticed that my numbers were changing on previous year statement even if the book has been closed. It's related to the FX.
Here the situation.
Your company bill customer in USD but all it's accounting is in CAD. You have enabled the multicurrency. You business end of the year is 31 December.
You receive a payment in advance from a customer Joe on 2017-12-31 of $10 USD and the exchange rate of the day is 1.3 ($13 CAD). It's deposited in your USD bank account. There is no invoice yet so the payment is kept as a credit and is not applied.
On 2018-03-15 you produce your financial statement, do your income tax, close the book as of 2017-12-31 in QBO so no change is made.
On 2018-04-01 you finally invoice your customer Joe $10 USD at the exchange rate of the day of 1.2 ($12 CAD) for which the payment in the account is automatically applied.
The problem is, now if you open that payment from 2017-12-31 and you check the transaction journal there is a now a "Exchange Gain or Loss" of $1 recorded in 2017-12-31 transaction.
Some now your income for 2017 went down $1 even if your book were closed and your statement for 2017 no longer match what you have declared.
I contacted the support, but they told me it's "normal" since I edited a transaction from 2017. But the thing is, that transaction was never edited (at least not by me). I just created an invoice in 2018. That exchange loss should have been recorded in 2018.
Repeat that over multiple transactions and with a higher amount and the difference become substantial.
Any help would be appreciated.