When looking at the comparative balance sheet for ...
# generalb
Becca A
07/07/2020, 5:25 PMWhen looking at the comparative balance sheet for jan 2020, why would the comparison amount (as of dec 2019) not be the same beginning balance for 1/1/2020 in the GL report? For example, we have account X that in the comparative balance sheet has an As of Dec 2019 amount of $240,000. The GL report says the beginning 1/1/20 balance is $235,000. Where would that $5k difference come from? We use OneWorld if that makes any difference. I'm guessing it has something to do with exchange rates, but I don't know enough to try to track it down. (I'm an IT person trying to solve accounting problems so sorry if this is an accounting 101 question!)
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KevinJ of Kansas
07/07/2020, 5:31 PMMost likely an account on your balance sheet that is actually an income account or vice versa
KevinJ of Kansas
07/07/2020, 5:31 PMor you have changed your standard income statement link to a different report.
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Becca A
07/07/2020, 5:33 PMSo that's not normal behavior? Good to know! I'll look to see if either of those issues could be causing it. I wouldn't put it past my other admin users to have done this and not informed me!
Becca A
07/07/2020, 5:35 PMHey Kevin, it's individual accounts that don't have the same balance, not the whole report. Took me a second to look at it. Would you recommend I look at the individual transactions in the balance sheet vs GL report?
Becca A
07/07/2020, 5:39 PMIt seems to be the GL report. The ending balance of Dec 2019 for this account on the GL report is $240,000 but then when you change the period to Jan 2020 it shows the starting balance as $235,000 for the same account. I'm going to do some research here and see if this has to do with exchange rates maybe. I feel like we've encountered this before.
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KevinJ of Kansas
07/07/2020, 5:40 PMoh.. I'd double check your consolidated exchange rates.
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rsm_ryan_meyer
07/07/2020, 7:20 PMFinancials will take the Consolidated FX Rates of whatever period you have in the "As of" selector for the balance sheet
So if your consolidated rate is 1.4 one month and 1.5 another, the same dollar amount unconsolidated is going to show up as two different amounts consolidated.
So for the 1.4 month, it's taking 1.4 x every unconsolidated amount from the beginning of time in that account. In the 1.5 month, it's taking 1.5 x every unconsolidated amount from the beginning of time. That's how you end up with differences.
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