If I made a mistake in the Exchange Rate, can I edit it in my transaction?
When you create transaction, such as invoices or bills, you should follow your monthly house rate. Monthly, Accountant has to set the Exchange rate in QuickBooks, so the rest of the users can use the same rate for all the transactions.
Hence, when you wrongly used an exchange rate for a transaction, you should consider doing a reverse journal to revert out the transaction. This is a proper way of keeping the book; you should not edit a transaction after posting.
Although QuickBooks does provide you with a feature to edit your pass transactions, Audit Trail will capture these changes; thus, Auditor may question you for those editing and deleting made to your book. Besides, this may cause confusion to the Auditor at the later stage.
What are those things that you need to watch out for if you edited your transaction?
Common problem am seeing are when your foreign invoice has a GST associated to an item, sometime the GST amount (home currency) does not refresh automatically in the reports. After you edited your transaction, check your reports.
To update your reports, simple refresh either your item or the GST code. To refresh the item or GST code, simply deselect your code and reselect it again. These will help to recalculate the GST amount in your transaction.
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