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

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

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

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 

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. 

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

Hi 

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

James

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.

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.

Hi,

Does anyone (or even QuickBooks support themselves) have a solution for this problem? I have ran my first revaluation at 31 Jan 2022 and I need my trial balance to match both my balance sheet and P&L. It’s the unrealised gains/losses causing the differences. This was never a problem in QuickBooks Desktop version. Any help appreciated, thank you

I'll help with your question about correcting your financial reports, RichardB.

Unrealized gain or loss would show up in your reports if there's a home currency adjustment. You mentioned that this line is causing the difference between your trial balance and other financial reports. 

You can follow these steps to review the adjustments that were made:

1. Go to the Gear or Settings :gear: icon and select Currencies.
2. Click the drop-down list  for Edit currency exchange under the Action column, then select Revalue currency.
3. Proceed to the Revalue history tab under the Revalue page.

This page displays a list of past currency revaluations, their dates and exchange rates, and links to the related journal entry for each of them.

Here's an article about this for more details: Frequently Asked Questions about Home Currency Adjustments.

You may also need to make some adjustments through journal entries to balance the amounts. However, I would strongly recommend reaching out to your accountant before making any changes since this will affect your financial statements.

Here's how to create a journal entry:

1. Click the + New button and select Journal Entry.
2. Enter the accounts that you need to adjust in the Account column, then enter the amounts in the Debits and Credits columns as well.
3. Type in all other details of the journal entry such as descriptions and date of the entry.
4. Click Save.

I will also be sharing these articles if you recently moved form the Desktop version to QBO:

• What to Expect When You Switch from QuickBooks Desktop to QuickBooks Online 
• Product Feature Comparison for QuickBooks Online and QuickBooks Desktop 

As always, let us know if you need more help from us. The Community is always her to assist you again.. 

Hi JenoP,

Thank you for you help however, making the journal entries would correct my TB and make my Balance Sheet and P&L show incorrect amounts.

This isn’t a technical Accounting problem. I believe this is a problem with the QuickBooks Online software. My TB is showing false GBP amounts for my EUR AR and AP accounts, and the unrealised gains/losses are not appearing on the TB at all.

For a set of Financial Statements, the Balance Sheet and P&L are both created from the TB so the TB should never be different.

Please can you raise this issue internally at QuickBooks because if there is no solution I may have to find a different accounting software such as Sage?

Thank you.

Hi, RichardB UK1.

I'd like to check this for you and get it taken care of myself. However, as much as I would like to get this handled directly, reviewing your TB and other financial reports requires pulling up your account information which I'm unable to do in this public forum.

To get this sorted out, I'd suggest getting in touch with our QuickBooks Online Support to have this investigated. Here's how to contact us:

1. Click the Help (?) icon.

2. Choose Contact Us.

3. Enter a brief description of your situation in the What can we help you with? area, then click Let's talk.

4. You'll be presented with a few options for connecting with Intuit. Select Get a call.

I recommend customising the report to get the specific details you need. You can also memorise it to save its current customisation settings. It serves as your record and helps you quickly access it for future use.

I'll be around to help you if you have additional questions regarding reports in QuickBooks Online. I want to make sure I've got you covered. Have a good one.

Hello, I am an online QuickBooks user. When I produce my reports, the unrealized gain or loss appears on P&L and when I retrieve the TB, it does appear there, yet I always do home currency adjustments. Your support and guidance on this will much appreciated.

Regards,  

Hi Sylvan Unrealised gains and losses appear as they relate to any open multi-currency transactions that you may have e.g. invoices that don't have payments. . 

Did you manage to solve this problem? I have the same problem. On Balance Sheet, my foreign AP account is zero. Nothing owed. On trial balance, there's an amount. It's because the TB is not showing the revalued amount, which it should. As far as I can tell, there are no unapplied payments. Everything clean/zero'd out. Did anyone find a solution to this?

Thanks for taking the time to scour our Community space for potential solutions, E-man. 

The unrealized gain or loss would show up in your reports if there's a home currency adjustment. This causes the difference between your trial balance and Balance Sheet report. We can review the adjustments that were made in the Revalue history tab. Let me show you how: 

1. Go to the Gear icon on the top menu.
2. Select Currencies.
3. Click the drop-down list for Edit currency exchange under the Action column,
4. Choose Revalue currency.
5. Proceed to the Revalue history tab under the Revalue page. This displays a list of past currency revaluations, their dates and exchange rates, and links to the related journal entry for each of them.

Here's an article you can refer to for more details about frequently asked questions about Home Currency adjustments. To balance the amounts, we can make some adjustments through journal entries. Just follow the steps and details in this article: Create a journal entry in QuickBooks Online. I'd suggest consulting your accountant before making any changes since this will affect your financial statements.

If the same thing happens, we can perform some basic troubleshooting steps to isolate the issue. At times, the accumulated cache in your browser causes odd behavior when running the financial reports. Start by accessing QuickBooks Online in a private or incognito window. Just refer to the shortcut keys I've listed below:

• Ctrl + Shift + N for Google Chrome
• Ctrl + Shift + P for Firefox & Microsoft Edge
• Command + Shift + N for Safari

If you're able to view the trial balance data it without any issues, go back to your regular browser and then clear its cache and cookies to start over fresh. Alternatively, you can switch to other supported browsers.

Feel free to browse this link here if you need help with other tasks in managing your reports. It'll route you to our general financial reports topics with articles.

You can always update after performing the steps as I want to ensure this is resolved for you. Just leave a comment below and I'll get back to you. Have a great day ahead. 

I also have same issue. P+L and balance sheet are fine and show my USD creditors have been cleared and an amount has been posted to exchange adjustments, but my trial balance shows the amount still in creditors and a 0 entry in exchange gain/loss. It's causing me trouble with the auditors because they are saying my trial balance doesn't match my financial statements. Have Quickbooks found a solution to this yet?

Hello Conners100, thanks for posting on this thread, so they should match up if the dates are the same, I would suggest that you ring the helpline on 0808 234 5337, you'll be able to set up a screenshare with the agent on the phone and they will be able to have a look into it more for you to see why it is not showing the same for you.

having the same issue, tb showing 12k euro and TB showing £95k, crazy

Hello, Maria.

I'll share some information to help you in resolving the discrepancy.

To have the most recent and accurate unrealized gain or loss amounts, please make sure to revalue your foreign currencies before running your reports. 

The amount is determined using historical and current rates since QuickBooks unable to forecast exchange rates. Due to this, revaluing foreign currencies is required because the Trial Balance will show the unrevalued amount  while the balance sheet shows the current value.

There may be a difference on your Trial balance because you may have created journal entries (JE) in either Euro or UK Pound. JE transactions are unaffected by revaluation, so please be aware that this may affect the amount shown on the reports.

I advise contacting our QuickBooks Online Support if there are no journal entries and the dates match when you run the reports. They can access your account and share a screen with you to further investigate the cause of it. You can either call the number provided by my colleague Ashleigh1 or follow the steps below to reach them.

Here's how:

1. Sign in to QuickBooks Online.
2. Select Help (?) at the top right.
3. Enter the subject you need assistance.
4. Go to Search and click Contact Us to reach out to our support team.
5. Choose Start a Message.

Live chat is available Mon-Fri, 8 AM - 10 PM and Sat-Sun 8 AM to 6 PM.

In addition, I've included the following article to help you if you want to control the data that appears on your reports: Customise reports in QuickBooks Online.

You're always welcome to post again if you need anything else. We're available to help you 24/7.

make sure reports are run on the same basis cash vs accrual.  

i ended up here looking for answer to why my (cash) basis balance sheet wasn't showing all transactions in register balances and discovered the differences when accidentally ran a balance sheet on accrual basis.

Hi
I've come across this thread and am having similar issues. I don't follow why the unrealised FX gain/loss doesn't show up on trial balance when it does on the P&L and Balance Sheet reports. I understand it is not yet realised but when we report our statutory accounts, we need to include this element as otherwise our foreign debtors/creditors are misstated and our P&L doesn't report any of the FX impact. It seems odd that the balance sheet & P&L reports don't reconcile to the TB report?
Is there a way to bring up the unrealised gain/loss account into the TB? This is also causing issues in b/f P&L reserves as there is a continuous difference between the balance sheet and TB.
Thanks
Nancy

I rang up the helpline and they said the reports are displaying correctly. They said something like  the TB can only show one currency and not unrealised gains/losses and that's why it doesn't match the BS and P+L. Crazy if you ask me! I can't believe you can have an accounting system where the TB that doesn't match the P+L and BS.