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E21J
March 28, 2019
Solved

Foreign currency bank account balance

  • March 28, 2019
  • 4 replies
  • 0 views

I have reconciled my USD bank account to nil as per the statement but when I run a transaction report, QB shows that there is a balance.

 

Yet if I go to run the next reconciliation, the brought forward is nil.

 

What is wrong and how can I fix this please?

 

Thanks.

Best answer by JessT

Thank you for this @JessT .

 

However, please can you advise the best way to input these transactions when the funds are received to a USD bank account?  It is great that I can do this in principle however, it is not what actually happens.  As we are not able to receive USD into our actual bank account (as against the QB one), we receive the money into our USD bank account and, then once we have received the funds (checked via online banking), we transfer it to our GBP account.  So, these are transactions which actually happen via the banks rather than just the way it has been done in QB.

 

Many thanks.

 


You're welcome, E21J, and thank you for the additional details.

 

When you transfer the funds from your USD bank account to your GBP bank account, please be sure to choose US Dollar as the transfer currency. Then, you will enter the USD amount and the exchange rate at that time. This will zero out the balance in your USD account.

 

 

Please let me know if you have other questions.

4 replies

JessT
JessT
March 28, 2019

Hi E21J,

 

It’s good to hear to that you’re able to reconcile your account.

 

Reconciliation will not affect your account balance unless you create an adjustment entry, which I believe you didn't have since you got a nil difference.

 

On the other hand, the balance you see is the account balance within the period specified in your report. What report is it, by the way?

 

Thanks in advance for your reply.

E
E21JAuthor
March 29, 2019

It shows a balance on the balance sheet, both on the face of it and then if I drill down into the individual line for the account.

 

Many thanks.

G
GlinetteC
March 29, 2019

Thanks for getting back to us, E21J.

Reconciliation is not a posting entry.

It does not reduce the balance of your balance sheet unless you created a transaction.

 

You might want to compare each transaction recorded on the register versus the transactions showing on the balance sheet. This will help us identify as to where the amount is coming from.

If you have other concerns, I'm always here to help.

M
Marianne11_2
April 6, 2021

@E21J 

Hi! Were you able to resolve this issue?  I have the same problem.  Winding down my client's company and all bank accounts are now at zero on bank statement, bank reconciliation and chart of accounts except on the Balance Sheet, like your example. 

C
Catherine_B
April 6, 2021

Hi Marianne,

 

E21J was able to solve the questions by following the steps provided by my colleague @JessT. Just make sure that when transfer funds or create deposits from one account to the other, the US Dollar is selected as the transfer currency. Then, you will enter the amount in USD and the exchange rate at that time. This process will zero out the balance in your USD account.

 

We still suggest reaching out to an accountant if there's a need for you to create an adjustment. You can also get in touch with our Phone Support Team if you get the same result after selecting the transfer currency. I'll be attaching an article about the Multicurrency feature in QuickBooks Desktop. 

 

Let me know if you have other questions. Keep safe!

M
Marianne11_2
April 6, 2021

@Catherine_BThanks for the reply.  I am actually using QBO not desktop.  Also, if I make a transfer entry, it will affect my bank reconciliation which is now all balanced and at zero.

Afanador
June 20, 2022
@E21J wrote:

I have reconciled my USD bank account to nil as per the statement but when I run a transaction report, QB shows that there is a balance.

 

Yet if I go to run the next reconciliation, the brought forward is nil.

 

What is wrong and how can I fix this please?

 

Thanks.

 

Afanador
June 20, 2022

Please ...I want to check balance on the usd

MJoy_D
MJoy_D
June 20, 2022

I can help you with checking your bank balance in USD, @Afanador.

 

You can go to your company file's Chart of Accounts to check the balance in USD if you've turned on the multicurrency feature in QuickBooks Desktop (QBDT). 

 

Refer to the following steps:

 

  1. Go to the Company menu and then select Chart of Accounts. 
  2. Look for the bank account to check the balance.

 

Refer to this article for more information about the account types on the chart of accounts in QBDT: Work with the chart of accounts in QuickBooks Desktop.

 

If you need to correct your bank balance, adding a journal entry will do the trick, Check this reference for more information on how to add, edit, or reverse a journal entry: Create a journal entry in QuickBooks Desktop for Windows or Mac.

 

Always feel free to leave your comments below if you have other questions about checking your bank balance in QBDT. I'm always here to help.

E
econnolly
September 2, 2022

I am having the same issue with QuickBooks Online.  In the chart of accounts and registers, I'm showing a zero balance for our Euro account, however on the Balance Sheet and Trial Balance, I'm showing a balance of €41,000.  I've closed the bank account, made the QuickBooks account inactive, but it's still showing up on our Balance Sheet, which is not accurate.  I cannot present our financial statements to my boss like this.  Has anyone figured out how to fix this issue and get the balance to show zero on the Balance Sheet?

 

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