Bank Register matches bank statement but balance sheet balance is off

I am running a company with USD and CAD currencies and one of my accounts which is now closed is showing the wrong balance on the balance sheet. I have reconciled the USD account in question from day 1 to close and I have the following:

1) The Bank Register matches the statements and ending balance is $0

2) When I go to the Chart of Accounts the balance also displays correctly at $0

3) When I run a balance sheet report for the period ending the month of the closure I would expect a $0 balance but I see a -$180k and change. Same amount is on my Trial Balance.


Any ideas how this could be??

Answer

Hi my first step would be to identify which period this fx adjustment was created in. In order to do that choose the balance sheet report to report for all dates and columns by year or by month. Once you find which period and hopefully it’s only one entry you’ll have a better idea what to do. It could be there is an exchange rate in that period that is wonky. 

Let me know if that helps! 

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Eileen Reppenhagen , TaxDetective
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