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

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!

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.

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. 

Sure Transferwise is a wallet like Paypal. My business used to do a few online transfers and receive money using Transferwise. It is denominated in EUR currency. We do business, report results in USD currency. But while our bank- Transferwise is fully reconciled in Quickbooks, when we click on Reports -> Balance Sheet, there appears a balance of USD 86.97. (Have attached pictures of both)

Please note that the "QBO Transferwise Account" reflects a correct balance of EUR 0. Balance Sheet shows a small USD balance .

Thanks for the additional information, tanya_93. I'm here to provide details about the Balance sheet report concern and how you can fix it in QuickBooks Online (QBO).

The report's accuracy is impacted by incorrect dates, which makes your bank balance inconsistent. The values on the report and the register might not match if your company uses a different fiscal year than the one used for the balance sheet. Since the balance sheet is calculated using a calendar year. To resolve this, ensure the date you entered corresponds to the specifics of your reconciliation balance.

Also, the balance sheet shows account balances for all accounts as of the balance sheet date, all transactions through that date, cleared or not. It doesn't attempt to show you the cleared balance or calculate anything based on the cleared status of each transaction.

Please visit this article for further details about the balance sheet report in QBO: Run a Balance Sheet report in QuickBooks Online.

In case, you'd like to personalize the balance sheet report based on the information your need, you can customize the report and memorize it to save its current customization settings. It will serve as your record and help you quickly access it for future use.

I'll be around if you need further assistance with managing your account balances or reports in QuickBooks. Have a good one!