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sinead.r
Level 1

Hi Just wondering why teh Trial Balance does not match the P&L and Balance Sheet? The unrealised FX gain/loss and corresponding entries are missing?

 
9 REPLIES 9
TaliaI
QuickBooks Team

Hi Just wondering why teh Trial Balance does not match the P&L and Balance Sheet? The unrealised FX gain/loss and corresponding entries are missing?

Hello sinead.r,

 

Is there anything specific on the reports that doesn't match, or is it the overall balance?

 

Thanks,

 

Talia

TaliaI
QuickBooks Team

Hi Just wondering why teh Trial Balance does not match the P&L and Balance Sheet? The unrealised FX gain/loss and corresponding entries are missing?

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?

 

Thanks,

 

Talia

James UK
Level 1

Hi Just wondering why teh Trial Balance does not match the P&L and Balance Sheet? The unrealised FX gain/loss and corresponding entries are missing?

Hi, Was there any resolution on this question? I have the same  issue.

Ashleigh1
QuickBooks Team

Hi Just wondering why teh Trial Balance does not match the P&L and Balance Sheet? The unrealised FX gain/loss and corresponding entries are missing?

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

-date range

-filters 

 

can you check you have them set the same for all reports 

James UK
Level 1

Hi Just wondering why teh Trial Balance does not match the P&L and Balance Sheet? The unrealised FX gain/loss and corresponding entries are missing?

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. 

 

 

 

 

EmmaM
QuickBooks Team

Hi Just wondering why teh Trial Balance does not match the P&L and Balance Sheet? The unrealised FX gain/loss and corresponding entries are missing?

HI James UK, 

 

Thanks for looking into that. Can we ask had you revalued the currency that shows as  zero on the balance sheet?Thanks

James UK
Level 1

Hi Just wondering why teh Trial Balance does not match the P&L and Balance Sheet? The unrealised FX gain/loss and corresponding entries are missing?

Hi 

No resolution do far. It is purely the revaluation that is not being posted to the General Ledger.  

James

 

James UK
Level 1

Hi Just wondering why teh Trial Balance does not match the P&L and Balance Sheet? The unrealised FX gain/loss and corresponding entries are missing?

Hi

 

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. 

 

J.

 

 

MaryLandT
Moderator

Hi Just wondering why teh Trial Balance does not match the P&L and Balance Sheet? The unrealised FX gain/loss and corresponding entries are missing?

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:

  • When you receive payment from a customer, that only affects Accounts Receivable and your bank account.
  • If you pay a bill, that only affects Accounts Payable and your bank account. These are all balance sheet accounts, which don't reflect on your Profit and Loss report.
  • To recognise revenue for received payments, you need an invoice created for that customer. This goes for your suppliers too. To recognise the expense from bill payments there must be a bill.
  • If you don’t use our invoice/receive payments entry system, but instead record deposits, those should show as long as the deposit is affecting an income account.
  • If you just record the cheques written or cash disbursements made, those will show as long as an expense account is listed on the transaction.
  • If only balance sheet accounts are listed on these transactions, they will not show.

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:

 

  • Your Balance Sheet report is a cumulative report that carries a beginning balance.
  • In other reports, the date range you set only applies to net income and the specific account you select within the report. (Example: If you have $50 of sales tax in March and $60 in April, the Balance Sheet will show $110 for the sales tax liability account.)
  • If the date range for the report is April, it will still show the cumulative total of $110. However, if you select $110, its transaction detail report shows a beginning balance of $50 and then a $60 transaction for April.
  • Lastly, the Sales by Item report will be limited to the date range you set. If you set the report date for April, then it will truly reflect only April and show the $60 only.

You can customise these reports and export them to Excel. Then, compare data from there.

 

Don' hesitate to leave a comment below if you need additional information. I'm always around to help you.

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