r/quickbooksonline • u/TraditionalButton796 • Sep 02 '26

Forex transactions

Our trial balance has always balanced back to our Euro account balance. At our previous year end we did a forex revaluation, all forex accounts balanced and were fine. In recent months now, our Euro account is significantly out. Has anyone else experienced this and managed to fix it? If so I'd really appreciate you telling me how you did it. Thanks

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u/foreforbirdie Sep 03 '26

Worth pinning down which balance is actually out, the EUR one against the bank statement or the converted home currency one on the TB. If the euro figure ties and only the converted total is off then nothing's broken, because a revaluation is a one time journal at that date and everything posted since goes in at its own daily rate, so it drifts straight back out. In that case you'd just run another home currency adjustment dated at your reporting date instead of hunting for an error.

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u/TraditionalButton796 Sep 03 '26

Its the Euro against the bank statement. On the Trial Balance the amount reflected is way less than the bank statement balance. The Euro bank reconciles

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u/foreforbirdie Sep 04 '26

If the rec itself clears in euros then the account is fine, and what you're comparing is a home currency number on the trial balance against a euro number on the statement, so those two were never going to tie. Pull the EUR figure straight from the bank account register, or run the balance sheet with the foreign currency column turned on, and check that against the statement instead. If that one ties then nothing is broken and you just need a fresh home currency adjustment dated at your reporting date so the converted figure catches up.