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We have a vendor that we pay in Euro. The vendor has a zero balance. However on our balance sheet there shows a -0.02 Euro balace for AP -Euro. How do I get rid of it?

 
3 Comments
QuickBooks Team

Re: We have a vendor that we pay in Euro. The vendor has a zero balance. However on our balance s...

Hi there, @carolptak.

 

Thanks for posting your concern in the Community space. I can help you correct the Balance Sheet report that shows a negative 0.02 difference compare to the vendor's balance.

 

If your Balance Sheet is out of balance in cash basis, it may be caused by incorrectly entered or linked transactions. On the other hand, Balance Sheet is out of balance in accrual basis, it may be caused by you using multi-currency.

 

To resolve this, you can manually fix the transactions which cause the discrepancy. First, check whether the balance sheet is out of balance in both accrual and cash basis to help determine how to troubleshoot this issue.

  1. Go to the Reports tab.
  2. Search Balance Sheet Summary.
  3. Click the button for Accrual if you're in a Cash basis, or vice versa.
  4. Click Run report.

If the report is in balance in accrual but not in cash, it means there are problems with specific transactions. Use the steps below to fix the issue:

 

Customize the balance sheet to compare the Total Assets and Total Liabilities and find the day the data goes out of balance. You may also use the Transaction Detail By Account and Transaction List by Vendor to find the transaction/s that causes the discrepancy. 

 

Once you have the date and the transaction/s, determine:

  • If the total is the amount by which the Balance Sheet went out of balance on this date, find the customer who has a non-zero (positive or negative) sub-total. This customer has damaged transactions.
  • If the total is non-zero (positive or negative) and not the amount by which the Balance Sheet went out of balance on this date: Add other transactions to the Transaction Type filter such as Journal Entries and Checks.

If the transaction appears to be damaged, or is causing the imbalance, you'll need to delete and recreate the transaction. 

 

Additionally, to ensure the best accounting for your personal business, I'd recommend consulting an accountant for assistance or confirmation of the above fixes.

 

This information should help you access correct your Balance Sheet. I'll be on the lookout for your reply and to further assisting you if you have other questions. Wishing you and your business continued success. 

Not applicable

Re: We have a vendor that we pay in Euro. The vendor has a zero balance. However on our balance s...

The issue is not with the cash view.  In the cash view then both AP and AR are zero by definition. 

Not applicable

Re: We have a vendor that we pay in Euro. The vendor has a zero balance. However on our balance s...

I did finally figure out the solution.  QBO apparently converts Euro to Dollars and then back to Euro for display on the balance sheet rather than just tracking Euro directly.  The answer to the problem was to make sure that the same exchange rate is used for both the invoice and the payment. Even though the payment was made directly in Euro and the invoice was in Euro, QBO converts each transaction to USD and back again.   Once I changed the conversion rate of the invoice and the payment to the same number then the balance sheet showed zero Euro in payables when the vendor balance showed zero. 

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