Learning QuickBooks® Online | Yearend Account Reconciliation
Foreign Exchange Balance Sheet Problem

I was reconciling balance accounts during yearend and noticed I had a balance sheet problem with one of my foreign currency accounts. The current asset asset account was for USD (United States dollar) holdback transactions. Pour yourself a cup of tea and I'll share the problem and solution with you.

The Balance Sheet Problem
Foreign Exchange Variances

The company's home currency in QBO was CAD (Canadian dollar). The USD current asset holdback (on affiliate income) account had one outstanding item at yearend. the USD value was $11.22 and the CAD was $14.33. I was expecting the balance sheet report to show the balance at yearend as $14.33 so I was initially stumped when the balance was reported as $1.42.

The Solution

Here's what I did to solve the problem:

  • I clicked on the yearend amount reported on the balance sheet to see the detailed transactions for the year. 
  • I customized the report to add  Foreign Amount and Exchange Rate columns.
Share this page:
Enjoy this page? Please pay it forward. Here's how...

Would you prefer to share this page with others by linking to it?

  1. Click on the HTML link code below.
  2. Copy and paste it, adding a note of your own, into your blog, a Web page, forums, a blog comment, your Facebook account, or anywhere that someone would find this page valuable.

Enjoy A Tea Break With
Me Today. Let's Chat!

Use the search feature to quickly find the
information you're looking for.

Your Learning Curve!


Warm up your tea cup and check out these chats ...

Click on image above to read the chat.

Join Me On Facebook

Help support this site by "liking" me! Here's where I post current information.

Listed Under Websites NOT Local Business.
This website is NOT associated with the business operating in Bonnyville AB.

A Handy Reference