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How do I enter a Home Currency Adjustment?

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How do I enter a Home Currency Adjustment?

Last updated: Sep 25, 2009

Article ID: 4320

Important: Home currency adjustments change the home currency value of your foreign balances. These adjustments affect your balance sheet accounts and we recommend that you work with an accounting professional before entering these adjustments.

Why this is happening

At the end of a reporting period, when you need your financial reports to reflect a current home currency value of your foreign balances, enter a home currency adjustment. Until the home currency value of your foreign balances is recalculated using current exchange rates, your reports reflect the home currency value based on the exchange rates used at the time of each transaction.

Note: Home currency adjustments do not change foreign balances. They only change the home equivalent of a foreign balance.

To enter a home currency adjustment

Go to Company, select Manage Currency, and choose Home Currency Adjustment.
Select the currency you'd like to enter the adjustment for. You can make adjustments for only one currency at a time.
If necessary, update the currency's exchange rate. QuickBooks uses this rate to recalculate your home currency balances. By default, QuickBooks uses the latest exchange rate listed in the currency list.
Choose Calculate Adjustment and QuickBooks displays the balances you have for accounts in the selected currency.
Select the column to choose the accounts to make adjustments for and Save.

Note: Though QuickBooks 2010 changes your home currency values of your accounts after making a Home Currency Adjustment, it will not change these values on your Unrealized Gain/Loss Report.

This is because the Unrealized Gain/Loss report will only display unrealized transactions i.e. transactions that have been entered but their gain/loss has not been realized yet. If you need to check if you have accounted for unrealized gain/losses, simply use the Home Currency Adjustment wizard and QuickBooks will tell you if you need to make the adjustment.

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