Home Currency Adjustment disappears in upgrade to QuickBooks 2012/13

Legacy KB ID: 4504

Question

I have just upgraded my company file to Quickbooks 2012/13 and I notice that my Home Currency Adjustment has been undone.  The General Journal transaction is still there, but in my reports the old Australian Dollar balance is shown and not the adjusted amount. 

Answer

When this phenomenon is experienced, any Home Currency Adjustment may be affected, not just the last adjustment.  It will not affect all Home Currency Adjustments and you may have more than one Home Currency Adjustment affected. 

 

Workaround

To identify which entries may be causing the problem:

In QuickBooks 2011/12:

1.    Lists > Chart of Accounts > right-click Exchange Gains/Losses > QuickReport;

2.    Modify Report > Columns > add Foreign Balance > OK;

3.    Modify Report > Filters > Transaction Type > select Journal > OK;

4.    Modify dates to show all Home Currency Adjustment General Journal entries;

5.    For each of the Home Currency Adjustment entries, Foreign Balance should be 0.00;

6.    Print the report.

 

In QuickBooks 2012/13:

1.    Upgrade the file;

2.    Lists > Chart of Accounts > right-click Exchange Gains/Losses > QuickReport;

3.    Modify Report > Columns > add Foreign Balance > OK;

4.    Modify Report > Filters > Transaction Type > select Journal > OK;

5.    Modify dates to show all Home Currency Adjustment General Journal entries;

6.    Compare entries with printed report from QuickBooks 2011/12.  If an amount appears under Foreign Balance when 0.00 previously, that entry has been affected;

7.    Double click on the affected entries and add a fullstop (> . <) in the memo field.  Click OK to complete;

8.    Repeat step 7 for every affected entry.

 

All foreign currency accounts affected by Home Currency Adjustments should now show their true AUD values.

 

How did we do?

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