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Mark001
June 15, 2023
Question

Unrealized gain or loss account is not reflecting in Trial balance

  • June 15, 2023
  • 1 reply
  • 0 views
Why does QuickBooks Online Trial Balance not reflect the Unrealized Gain or Loss account but in Profit and Loss it exists?

    1 reply

    A
    Amanda-B
    June 16, 2023

    Hey there Mark001,

     

    It's always a pleasure to see new faces in the Community, Welcome! QuickBooks Online is a great tool designed to help keep your books balanced. I would be happy to provide some information.

     

    The Trial balance report lists the closing balances of the general ledger accounts. The following reports display information about unrealised gains or losses:

     

    • Profit and Loss report
    • Balance sheet
    • Customer Balance Detail report
    • Supplier Balance Detail report
    • Statement of Cash Flows

    If you have any other questions, feel free to reach back out to us.

    A
    andrew-pjecharte
    December 5, 2023

    Sorry to interject, but I think that the fact that the TB does not post the unrealised gains/losses is shambolic. How can we as accountants post closing balance journals to the TB on revalued foreign currency debtors/creditors/bank? My TB as at the balance sheet date needs to align to the submitted financial statements. Having to go to the P&L and balance sheet separately to make these checks is truly bizarre. I have no idea if the opening balances will be ok in the following year. 

    J
    JamesM4
    December 5, 2023

    I hear you on this. You're welcome to send feedback about this to our product developers so it can be considered in future updates. To do this, click on the Gear icon > Feedback. In the meantime, feel free to ask other questions. I'm here to steer you in the right direction. 

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