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tanya_93
February 15, 2023
Question

EUR - USD discrepancy in Balance Sheet due to EUR denominated bank account

  • February 15, 2023
  • 5 replies
  • 23 views

Hi All,

So I have a EUR denominated Transferwise account in my QBO and the balance is 0 as on 30 Nov 2022. However, my USD balance sheet reflects a balance of USD 86.97. How do I fix it to reflect 0 in both places. Assumed differences would be automatically hitting currency gains.

 

5 replies

Angelyn_T
Angelyn_TModerator
Moderator
February 15, 2023

Hi there, @tanya_93. Thank you for sharing your first post in the Community forum. I'm here to help you fix the variance of your accounts.

 

The discrepancies can be affected by the exchange rates' gains and losses. If you'd like to zero out the 86.97 USD amount on your Balance Sheet report, you can record a journal entry to offset the difference. Here's how:

 

  1. Sign in to your QuickBooks Online (QBO) account.
  2. Go to the +New icon, then Journal Entry.
  3.  Fill in the details, then save.

 

I suggest seeking help from your accountant while tracking the transaction for the correct debit and credit accounts. If you don't have one, you can find available experts from this link: Build a stronger business with a QuickBooks Certified ProAdvisor.

 

I'm adding this article for more hints while tracking journal entries with our system: Create journal entries in QuickBooks Online.

 

Additionally, learn more about running basic reports from this reference: Run reports in QuickBooks Online.

 

It's my pleasure to share this information with you today. If you have follow-up questions, let me know by leaving a comment below. I'm just a few clicks away to help. Keep safe!

T
tanya_93Author
February 16, 2023

The bank account is 0. Any entries passed will appear as a negative value (-86.97) in the account. This amount directly appears in USD Balance Sheet.

L
LollyNino_CQuickBooks Team
QuickBooks Team
February 16, 2023

Thanks for getting back to us, @tanya_93. I appreciate you for following the steps provided by my peers above.  

I know how important it is to fix the negative numbers on the Balance Sheet. Before we accomplish your goal, can you tell me more about the concern you initially raised? 

Would you mind explaining your concern further? This way, I can provide you with the best way to fix it. Any additional information is much appreciated. You can also provide screenshots so I can have a clearer view of this. 

I'll appreciate any details you can share. I’m looking forward to your reply. Have a great rest of the day. 

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