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.

During my QuickBooks demonstration, a lady asked me, ‘I have a US dollar bank account, I deposited US$10,000.00 into this account when the exchange rate was at 1.42 (Home currency was in Singapore dollar). This month, my exchange rate for US dollar against Singapore dollar was 1:1.38. So, how should I record the ‘realized’ exchange […]