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.
Go to the Company menu, click Manage Currency, and then click 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.
Click the Calculate Adjustment button.
QuickBooks displays the balances you have for accounts in the selected currency.
Click the checkmark column to select the accounts to make adjustments for and then save the transaction.
Home currency adjustments are recorded as general journal entries and can be edited and deleted as needed.
The Home Currency Adjustment form doesn't use previous and next buttons so you need to use the journal entry QuickBooks created to make changes to a saved home currency adjustment.
Run a quick report on the Exchange Gain or Loss account to find existing home currency adjustments:
Go to the Lists menu and click Chart of Accounts.
Double-click the Exchange Gain or Loss account (account type is other expense) to open the Account QuickReport.
In the Account QuickReport, home currency adjustments are listed as type General Journal.
Double-click the adjustment you want to edit. QuickBooks opens the original journal entry and you can make and save changes as needed.
When to use home currency adjustments