How do I adjust foreign currency balances at year end?

How do I calculate a foreign currency adjustment to home currency at year end? This option was available on Quickbooks Pro. Does the online plus version have anything similar?


5 people found this helpful

Hey Vdoshi, 

  1. Go to Company, select Manage Currency, and choose the currency you would like to adjust.  Home Currency Adjustment.
  2. Select the currency you'd like to enter the adjustment for. You can make adjustments for only one currency at a time.
  3. If necessary, update the currency's exchange rate. QuickBooks uses this rate to recalculate your home currency balances. By default, QuickBooks uses the latest exchange rate listed in the currency list.
  4. Choose Calculate Adjustment and QuickBooks displays the balances you have for accounts in the selected currency.
  5. Select the column to choose the accounts to make adjustments for and Save
  6. Next Steps: Check the Realized Gains & Losses Report
  7. After using the Home Currency Adjustment wizard, you will want to view the adjustment in the Realized Gains/Losses report. However, it may not show up initially.

    To ensure you can see the Home Currency Adjustment in the report, follow these steps:

    1. Click the Reports menu, then select Company & Financial
    2. Click the Realized Gains & Losses report.
I hope this helps. if you have any other questions or concerns, please do not hesitate to call Quickbooks Online Canada Support or connect via Live Chat. 

Thank you! 
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