how to change currency in quickbooks 2016

So, QuickBooks ignores any foreign balances that are zero, such as the Canadian Bank Account in my simple example above, when it is about to create a Home Currency Adjustment revaluation transaction.īut I have a workaround. The developers obviously decided to minimize the computing power required by telling QuickBooks to ignore zero foreign balances. Think of all the foreign bank accounts, credit cards and, more importantly, customers and vendors for each currency it would have to go through in calculating the amount of the HCA in a normal company file.

When the Home Currency Adjustmentwindow is launched, it looks for non-zero foreign balances to revalue. In this example you opened a Canadian Bank Account on Dec. 31, 2015, with $10,000 CAD: I’m partial to all things Canadian (gee, I wonder why), so let’s call it a Canadian Bank Account. You open a new foreign currency bank account. Let's look a very simple example of a multi-currency environment. Well, I have the answer – and a very simple workaround.įirst, let me explain how a zero balance foreign bank account with a non-zero home currency value can happen. But when they open the Home Currency Adjustment screen and specify the currency of that bank account, that closed bank account doesn’t appear. dollars.īecause you’ve trained them well, they figure out they need to use the Home Currency Adjustment function, because the problem has to do with fluctuating exchange rates over time. Remember, the Balance Sheet is a summary type of report and all balances are reported in the home currency, in this case, U.S. If you work with multi-currency users of QuickBooks, you more than likely have had a client call you in a panic about a foreign bank account they closed out.ĭespite the fact that the balance in a closed bank account is obviously zero (in any currency), a non-zero home currency balance (either positive or negative) appears for that account on their QuickBooks Balance Sheet.

How to change currency in quickbooks 2016