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USD account amount is wrong on balance sheet

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USD account amount is wrong on balance sheet



Our USD account balance is $2,724.81 USD, which is roughly $3,695.00 AUD.

However, our balance sheet shows our USD account as $6,779.40 AUD.

The balance is correct in the bank reconciliation window but incorrect on the balance sheet.

Can someone please asssist? 

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MYOB Moderator




Re: USD account amount is wrong on balance sheet

Hi @Maddi 


This is because the balance sheet report figure balance doesn’t reflect the currency gain/loss on a foreign currency. As the exchange rate changes over time, foreign currency transactions can become worth more or less when compared to the local currency.  


For example, an invoice is issued for $100 USD might be worth $75 AUD when its issued. At the end of the year, if the exchange rate has changed so the $100 USD might now be worth $95 AUD. An unrealised gain would occur if this $100 USD invoice hasn’t been paid.

An unrealised loss would occur if the invoice was now worth less than $75 AUD and hadn’t been paid at the end of the year.


In order to reflect currency gains/losses at the end of a reporting period, a journal entry needs to be done with the assistance from an accounting advisor. 

Kind regards,

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