Can I also confirm what month you have set up as the start of your financial year within your account & settings, and which date range you are running your trial balance for?
Hello James UK,
Thanks for posting on this thread,
Can you check these reports (trial balance, accounts payable/receivable, balance sheet, etc) nothing is matching as it should
-all home currency, or foreign
-check the financial year
-check accounting method accrual or cash
can you check you have them set the same for all reports
Yes all the reports appear as I would expect them, in that they reflect the unrealised exchange difference. However the actual books, by which I mean the general ledger (plus summary which is the trial balance) plus the aged creditors and debtors (which are subsets of the GL) do not reflect the unrealised exchanged differences that arose on valuation.
So my "reports" are different from my "books", and it is my books that are wrong.
To give the simplest example, I owe ZERO USD, however in my general ledger (home currency GBP), the general ledger shows that I owe £19.49. Whereas my balance sheet report shows correctly £ 0.00, as it reflects the revaluation.
If I post a journal to reflect this, then my books will be correct but my reports will be wrong!
There must be a way to resolve this.
Yes I had revalued the currency that was showing as zero on the balance sheet, which is correct....but as noted the revaluation was not posted in the general ledger so remains at the "unrevalued" amount.
I can add some insights into why the Trial balance doesn't match with P&L and Balance Sheet report, James UK.
The trial balance summarises the debit and credit balances of each account on your chart of accounts during a period of time.
Often the expectation is that the Profit and Loss report will reflect payments. But, that isn't usually the case when the income or expense is recognised.
Here are some factors you want to consider:
On the other hand, you may notice that your Balance Sheet report doesn't match your other reports even after making sure that all the filters are the same. There a few reasons why this occurs such as:
Don' hesitate to leave a comment below if you need additional information. I'm always around to help you.