Excessive 'Gain on Foreign Exchange' value

RockBrew

We conduct a number of our transactions in foreign currency (largely Lao Kip, Thai Baht, Vietnamese Dong and USD). We've occasionally had really high income values in our accounts but these have been easily traced back to invoices which have been issued as USD rather than LAK. We currently have a highly excessive value which we have traced to the 'Gain on Foriegn Exchange Value'. This is as follows for June:

Sales: $12,865
Gain on Foreign Exchange Value: $1,203,862

Something's obviously way off here but how do we go about fixing it?

Thanks in advance!

Alexia

Hi, @RockBrew.

Going through your list of paid invoices for June, you'll see the total for each transaction, both in your business' default currency and in the currency of the actual invoice. Given the exchange rate, it should be fairly obvious which invoices are causing problems.

Once you find them, click on those invoices and remove the payment linked to them. Once that's done, you'll be able to edit the invoice and change its currency. After that, record the invoice as paid once again.

You can also check the Account Transactions report for "Gain on Foreign Exchange" to see exactly where those transactions come from.

My last recommendation would be to go through your Transactions page for June and compare every entry to your bank account statement.

Let me know if that helps!

RockBrew

That did it!

It was very easy to miss, the 'all invoice' summary page actually showed the correct USD rate for this invoice. When you click on the invoice it was displaying a different conversion rate to that displayed on the summary table.

Thanks for the help!

Alexia

Happy to hear it, @RockBrew!

Honestly, you're far from being the first person to miss that tab, I'll be sure to share that bit of feedback with the team. If it's not being seen by many a Waver, then it's on us to make it easier to spot!