Congratulations on your new company, Ana!
I'm here to help get to the bottom of this and fix the discrepancies of your Account Receivables balances.
The $62.96 you're seeing in the Transaction Journal is the Exchange Gain or Loss amount automatically recorded by the program. It triggers due to the fluctuation in the exchange rate of two currencies that are applied to a business transaction.
For example, an American business commits to pay a Canadian supplier in Canada dollar, but then the U.S. dollar weakens between the date when the supplier issues an invoice and on the payment day.
Since you've already checked the Accounts Receivable account and the A/R Aging Summary, you can create a journal entry to resolve the difference of the amount. Make sure to consult with your accountant as to which accounts to select. They are the best resource of accounting information to ensure your books are accurate come tax time.
Here's how to create a journal entry:
- From the QuickBooks Company menu, go to Make General Journal Entries.
- In the Make General Journal Entries window, change the Date field.
- The Entry No. should automatically populate.
- Enter necessary details.
- Click Save & Close.
For more details, check out this article:
These resources should help keep you moving.
Don't hesitate to drop by here again if you have additional questions. I'd be happy to help you out with anything, Ana.
More success to your business!