How to reconcile the USD Bank account

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  • Updated 4 months ago
I have a USD bank account and have multi-currency set-up in Reckon Hosted. The USD bank account receives USD payments from customers and makes payments to USD suppliers

In the Balance Sheet for the end of the period, say financial year, I notice that the USD bank account is different from the actual bank balance. At the end of the financial year it shows a negative balance but there are funds in the account. 

My accountant suggested that the negative figure implied a Foreign Exchange Gain or an increase of Sales needing to be established. He created for me a journal that did the following:

Bank USD   DR   XX
Sales USD  CR   XX

And while that rectified and made accurate the Bank account figure in the Balance Sheet, I can't seem to reconcile the entry. It sits unticked in the Bank Register and also sits in the reconciliation.

Can anyone suggest how to resolve this? I'd be happy to call a consultant or advisor to discuss. 

Regards, Lee
Photo of Lee Zalia Lichtnauer

Posted 4 months ago

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