Closing a foreign currency bank account

[jarauch]

I am trying to transfer funds and zero out a EUR bank account in a QuickBooks company file. The bank account uses EUR and an exchange rate is entered with each transaction to allow Quickbooks to convert the value to USD for the Financial Reports.

The problem I am having is that I can either get the EUR bank register to have a $0 balance, or the bank account on the USD Balance Sheet report to have a $0 balance, but I cannot seem to get both to be $0 at the same time.

Any suggestions to accomplish a $0 balance on both would be greatly appreciated!

Thank you!
Julie

[lisa_mn]

Hmmm, that's a quandry. I assume you've calculated what the exchange rate needs to be to get them to zero out? It must be off just a little bit?

[qbqcca]

I am trying to transfer funds and zero out a EUR bank account in a QuickBooks company file. The bank account uses EUR and an exchange rate is entered with each transaction to allow Quickbooks to convert the value to USD for the Financial Reports.

(1) The problem I am having is that I can either get the EUR bank register to have a $0 balance, or the bank account on the USD Balance Sheet report to have a $0 balance, (2) but I cannot seem to get both to be $0 at the same time.

Any suggestions to accomplish a $0 balance on both would be greatly appreciated!

Thank you!
Julie

(1) Getting the EUR bank register to zero by transferring the funds to your USD Bank Account is good, but you should also verify that the funds recorded as deposited (transferred) into your USD Bank account is the correct amount. If it isn't play with the exchange rate so that the EUR amount is correct and the USD amount is correct.

(2) You may then find that when you look at the EUR Bank account on the balance sheet it may have a (small ?) balance in it.

This is because of the exchange variance between transactions. This is easily corrected by:-

Go to Company on the very top menu - choose Manage Currency- then - Home Currency Adjustment

You then enter an adjustment to zero the USD value in your EUR bank account and charge the amount to Exchange Gain/Loss which QB would have automatically added to your Chart of Accounts when you defined your books as Concurrency.

Hope this helps
Warren