How do i eliminate a GBP balance on a EUR account is zero?

Hi there, jaco2.

In QuickBooks Online (QBO), residual amounts in the home currency (GBP) occur because receipts and payments in a foreign currency (EUR) are converted using different exchange rates. This results in small differences even if the foreign currency account reconciles to zero.

I recommend performing a home-currency revaluation or adjustment at the end of the period to update the GBP value of foreign-currency balances and post the difference to the Exchange Gain or Loss account. Before doing so, I suggest consulting with an accountant.

Here’s how:

1. Open Settings (gear icon) and navigate to Currencies.
2. Locate the currency you want to adjust.
3. In the Actions column, click the dropdown arrow (▼) and select Revalue currency.

    4. Choose the adjustment date (example, at the end of the month).

    5. Decide whether to apply the market exchange rate or enter a custom rate.

    6. Select the account(s) for the revaluation.

    7. Click Revalue to complete the process.

If you have questions, leave a comment below.