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Fabiaokl25
January 30, 2025
Question

trial balance and accounts receivable and payable and exchange gain loss

  • January 30, 2025
  • 1 reply
  • 0 views

Hi

I have to do home currency adjustments in my accounts.  everything works beautifully for foreign currency for my bank accounts in my trial balance but for my foreign currency accounts receivable and accounts payable accounts the values are perfect in my balance sheet but are all wrong in my trial balance.

is this normal?

this is very challenging to explain to my auditors when working on annual tax returns and the adjustments we have to make cause a lot of confusion.

quickbooks desktop did not have this problem.

what is the solution when trying to present the correct trial balance info to my accountants in order  to create our annual financial report?

thank you

1 reply

J
JoanaC
January 30, 2025

Hello, @Fabiaokl25. Let's first check the filter of your reports. It might be that the date or accounting method is not the same. I will share more possibilities for why your reports are different.

 

We can also check if the Accounts Receivable has a duplicate in your BS as it will show all the total amount, but this will show separately in the Trial balance. However, if you have verified that filters and amounts are identical. I recommend reviewing the transactions to identify any discrepancies.

 

I suggest contacting your accountant for further assistance regarding the discrepancy. Moreover, I'm sharing these articles to learn more about balance sheets:

 

 

Let me know if you have any other concerns about your balance sheets or if you have other QuickBooks questions. Take care always.

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