I have reconciled my Euro bank account to QF with a value of Euro 5294.34 but the balance sheet shows a balance of £10,880.37, or an exchange rate of 2.055 £ to euro). Clearly a nonsensical exchange rate (it is currently about 1.16). how do I correct this by making a GBP entry only. any journal in GBP palest to teh bank account and it no loner reconciles.
In the settings for the EUR bank account you should find the option to record a currency gain or loss, which does exactly what you’re suggesting - it revalues the EUR balance at today’s exchange rate and journals the difference off the balance sheet nominal without affecting the foreign currency balance.
It’s normal for the GBP nominal value to drift over time as it accumulates all the differences between the actual GBP conversion and the true value of each transaction.
yes that works. Great. and Thank you.
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