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Post Info TOPIC: Currency revaluation and Quickbooks


Veteran Member

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Currency revaluation and Quickbooks


Hello, I am currently using the multi currency version of QBO. I have a few $ accounts and the other accounts are in . My main reports are run in . I have revalued the currency every month. My problem is when I run a Balance Sheet report at the end of each month, my $ accounts bear no relation whatsoever to the actual amount in that account. e.g., there should be about $6000 in the account, but the balance sheet account shows $60,000. Has anyone experienced anything like this before and able to tell me what is happening or what I am doing wrong! Many thanks, Nicky



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Senior Member

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ring QBO

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Caron



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I have - they don't understand the problem either. They have escalated it and will get back to me within 7-10 working days. I need to get these reports out asap and was just wondering if anyone else had experienced the same issue here!

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Master Book-keeper

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I raised a couple of queries on here a short while back re QBO issues and got absolutely no response whatsoever. None, zero, zilch. Problem is, apart from a very small handful of folk on here (literally 5) who answer the Qs, everyone else these days just come on when they have a question and give nothing back. So I would be surprised if any other QBO users will even register that a question has been raised. Love to be proved wrong of course, but you will probably have to wait until the technical team come back to you.

I do recall seeing something about issues with multi currency QBO, but no idea where I saw it.

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Joanne

Winner of Bookkeeper of the Year 2015, 2016 & 2017

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position



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Hi Joanne, thank you for taking the time to answer my query. I have just put the phone down to someone from QBO. Their response is that they are able to tell me what currency revaluation does, but with my particular query that is more of an accounting issue and that I should speak to my accountant!

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Master Book-keeper

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Hi Nicky
Im assuming that you are the Accountant from the '!'. Although I cannot assume given we have mostly bookkeepers on here. Must admit I got that answer when I phoned them at one point, then the call was escalated when I responded with 'I am the bloody Accountant'.

Did you call the Accountants ie Pro Advisor helpline? Or just the ordinary helpline?

I would call them again and have a wee bit of a rant. Or call your relationship manager and tell them the daft reply you got.

Im not a fan at all of QBO. Its garbage from what Ive seen, too many workarounds required for complex stuff.

TBH - with a difference of $54k I would have to take a look at the data to even try to offer an explanation.

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Joanne

Winner of Bookkeeper of the Year 2015, 2016 & 2017

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position



Master Book-keeper

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Hi Nicky

I'm not at all familiar with QBO but just a thought (and no doubt you will have tried it) can you drill down by clicking on the $60k dollars in the balance sheet to see how it got there? I used QB desktop about 11 years ago briefly and although I was never keen on it did find that it drilled down well.



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John

Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.



Master Book-keeper

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Probably a rogue/misplaced demical

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Joanne

Winner of Bookkeeper of the Year 2015, 2016 & 2017

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position

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