How to manually record an exchange gain in QuickBooks?

Software: Intuit QuickBooks accounting software

If you are adjusting the home currency value of a foreign currency account, you need to check the “Home Currency Adjustment” checkbox in the General Journal transaction. Home currency amount will be recorded in the General Journal instead of a foreign currency value.

Assuming you have a USD bank account (foreign currency) of US$81,055.00 at a home currency value of SG$114,147.50; and you need to record an exchange gain of SG$500 (The Adjusted amount should be SG$114,647.50).

From the Company menu, select “Make General Journal Entries” to create a new general journal. Check the “Home Currency Adjustment” checkbox; debit the “USD Bank” account 500.00 and credit the “Exchange Gain/Loss” account 500.00.

Home Currency Adjustment Journal

From the “USD Bank” account register, you will find that the “home currency adjustment” general journal recorded 0.00 value as it is just an adjustment to the home currency and not affecting the foreign currency value.

Bank Register