I'll help with your question about correcting your financial reports, RichardB.
Unrealized gain or loss would show up in your reports if there's a home currency adjustment. You mentioned that this line is causing the difference between your trial balance and other financial reports.
You can follow these steps to review the adjustments that were made:
- Go to the Gear or Settings :gear: icon and select Currencies.
- Click the drop-down list for Edit currency exchange under the Action column, then select Revalue currency.
- Proceed to the Revalue history tab under the Revalue page.
This page displays a list of past currency revaluations, their dates and exchange rates, and links to the related journal entry for each of them.
Here's an article about this for more details: Frequently Asked Questions about Home Currency Adjustments.
You may also need to make some adjustments through journal entries to balance the amounts. However, I would strongly recommend reaching out to your accountant before making any changes since this will affect your financial statements.
Here's how to create a journal entry:
- Click the + New button and select Journal Entry.
- Enter the accounts that you need to adjust in the Account column, then enter the amounts in the Debits and Credits columns as well.
- Type in all other details of the journal entry such as descriptions and date of the entry.
- Click Save.
I will also be sharing these articles if you recently moved form the Desktop version to QBO:
As always, let us know if you need more help from us. The Community is always her to assist you again..
