Category Archives: Accounting

Year-end home currency revaluation

Software: Intuit QuickBooks accounting software

Home Currency Revaluation is a task which you have to do during financial year-end closing. It revalues the foreign currency bank balances and any outstanding foreign currency’s receivable and payable.

You should not record any more foreign currency transactions in the year-end closing period once revaluation has done.

The home currency revaluation process includes:
– Set the year-end closing exchange rate
– Print a Unrealised Gains and Losses report
– Process home currency adjustment
– Reverse the home currency adjustment journal on the following period.

The Unrealised Gains and Losses report is in the Company & Financial, a sub-menu of the Reports menu. This report shows the gains and losses of each foreign currency account and will use as a supporting document for the adjustment.

You can find the Home Currency Adjustment feature under the Manage Currency, a sub-menu of the Company menu. Set the adjustment date and change the exchange rate if required, then select the accounts/names (you can click the Select All button at the bottom to select all foreign currency accounts) and hit the Save & Close button to proceed with the home currency adjustment. An exchange journal will create automatically to debit/credit the foreign currency account and credit/debit the exchange gains/losses account.

QuickBooks Home Currency Adjustment

QuickBooks captures the realised exchange gains or losses when the payment or receipt of the outstanding bill or invoice has recorded; therefore, the unrealised exchange journal which created during the home currency revaluation has to reverse on the first day of the following period. QuickBooks Premier and Enterprise Desktop version have a Reverse feature which located at the top of the journal, just click the Reverse button of the exchange journal to reverse it.

Discuss with your accountant to find out more about home currency revaluation if you are not sure about it.

 

GST description show on QuickBooks’ forms

Software: Reckon Account

Reckon Account software (formerly a.k.a. Reckon QuickBooks accounting software) does not have a Delivery Order function, it prints the Delivery Order using the Invoice template instead. Usually, a Delivery Order capture information such as the product and quantity but without the unit price or total amount of the transaction. Although there is no value in the delivery order form, there is a string of text such as ‘7% GST Output’ or any GST description which you stated in the GST item, show in the description column after the last product automatically.

To remove this ‘unwanted’ string of text from the form, you have to first turn on the ‘Tax Total’ from the Footer of the form designer. Then, change the colour of both the field and label to white and remove any border set on the field property.

QuickBooks Delivery Order

The additional GST description will not show after the last item sold (or delivered) once the Tax Total has added to the form. Although you have added the field, white will not print.

Join our QuickBooks training if you like to find out more about using QuickBooks for your business.

 

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