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.

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