I was reconciling balance accounts during yearend and noticed I had a balance sheet problem with one of my foreign currency accounts. The current asset asset account was for USD (United States dollar) holdback transactions. Pour yourself a cup of tea and I'll share the problem and solution with you.
The company's home currency in QBO was CAD (Canadian dollar). The USD current asset holdback (on affiliate income) account had one outstanding item at yearend. the USD value was $11.22 and the CAD was $14.33. I was expecting the balance sheet report to show the balance at yearend as $14.33 so I was initially stumped when the balance was reported as $1.42.
Here's what I did to solve the problem: