Hey @peter-halpenny
I know this is an old one but I understand your question and noticed you never really got a direct reply.
What happens when you run the revalue currency in QBO is that it looks at your Foreign currency balance and uses the exchange rate on that date to figure out what they "should be" in local Currency. This is then compared to your actual local balance in QBO which can be seen on a Balance Sheet or Trial Balance Report. So the $1,101.66 in your example is a revaluation gain/loss based on the closing rate.
Here's a Simple Example
$10 USD in = $13CAD
$5 USD out = -$6.40CAD
$10 USD in = $12 CAD
$5 USD out =-$6.90 CAD
Closing USD Balance is $10 - Closing CAD Balance is $11.70
Closing USD Rate is 1.27 - so CAD Balance "should be" $12.70
Here's where your $1101.66 came from but mine is only a $1 gain
Cash type balances are the only ones I'd ever revalue and only if the difference was significant or Material.
I'd recommend you look for a ProAdvisor or Accountant in your Area who will take the time to explain these things to you and help you out.
Hope this helps for now, keep up the Good work !
Richard
Keeper of the Books
