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Community Contributor *

Accounts Receivable balance on balance sheet does not match balance on trial balance due to foreign currency

This QBO file has a home currency of NIO (Nicaraguan Cordoba).  The account in question is a Accounts Receivable account, based in USD, so a foreign currency. 

 

As of 12/31/2018, the balance on the Trial Balance is 1,273.72, but the balance on the Balance Sheet is 1,443.88.  The difference is in Unrealized Gain or Loss, which has a balance of 170.16 on the Profit and Loss, but a balance of 0.00 on the Trial Balance.  Every other account matches (between the Trial Balance and the Balance Sheet and the Profit and Loss).

 

(Also, when I did the "Revalue Currency" as of 12/31/2018, this A/R account in USD is the only USD account that had an adjustment of 0.00.  Is it being treated differenty than other foreign (USD) balance sheet accounts because it's an A/R account?  Maybe this is the reason why the difference exists?)

 

I need a Trial Balance that matches both my Balance Sheet and my Profit and Loss.  How can I overcome this current discrepancy?

2 Comments
QuickBooks Team

Re: Accounts Receivable balance on balance sheet does not match balance on trial balance due to f...

Hello there, @karen_labase!

 

One of the possible reasons why your accounts receivable balance doesn't match is the changes in the currency used in your reports. I'm here to help you with this.

 

To start, let's pull up your Balance Sheet report. And then, click the amounts of your Accounts Receivable account. This way, you'll be able to identify the changes of currency used in each transaction.

 

From there, you'll be able to review the currency of each transaction and change them if needed.

 

Please let know how it works by leaving a comment below. I'll be waiting for your response. I'll be always around to lend a helping hand.

Community Contributor *

Re: Accounts Receivable balance on balance sheet does not match balance on trial balance due to f...

It turned out to be the Unrealized Gains/ Losses related to the A/R balances.  But it's possible to run the Balance Sheet and Profit and Loss reports without the Unrealized Gains/ Losses by unchecking the box.  So that's what we've done for now.