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Home currency balance on USD Debtors (balance sheet) is different to USD Debtors on chart of accounts

  • Member
  • Practice Licence
  • 76 posts
  • # 119854

Hi 

I have  customer who pays in USD. At year end the customer account is Zero. However on the balance sheet there is a small credit balance on the USD Debtors account. I know that this is due to exchange rate differences over the year but how do i clear this balance? I have tried creating a dummy invoice to the customer but this simply creates a debt which, again would neeed to be cleared. I'm using QBO. Any ideas would be very much appreciated.

Mash

  • Fellow PM.Dip
  • Practice Licence
  • 12 posts
  • # 119860

Are you able to create a new expense account called Exchange rate variance and jounal the balance across?

  • Member
  • Practice Licence
  • 76 posts
  • # 119863

Hi Kate

Thank you for getting in touch. I have tried this but since QBO requires the name of the customer to be entered, I end up with a balance on the debtor.

Mash

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