Balance Sheet "Out of Balance"

Modified on Sun, 17 Dec 2023 at 06:05 PM


The first thing to check is that your System Accounts have all been configured. When you use a foreign currency account there are a number of system accounts that have to be configured to allow Actionstep to correctly process the transactions. If you updated your exchange rate on the date of the issue or entered an invoice with a different exchange rate an your system accounts are not correctly configured then it is possible that only one side of a transaction s correctly recorded.

Go to your System Accounts (Admin > Accounting > System Accounts) and make sure that you have setup the following System Accounts in both currencies, say AUD and USD (ie, there are two of each of the system accounts bellow, one in Australian dollars, another in US dollars):

  • Accounts Receivable
  • Accounts Payable
  • Bank transactions
  • Tax
  • Deposits paid
  • Deposits received
  • "Sale/Purchase Rounding Errors" - When 1c rounding errors are detected in a database, the difference is posted to this account.. Can occur in FX or BASE currency and appears to only occur when invoice is inclusive of tax.
  • "FX Gain/Loss Receivables Realized" - Difference between sales invoice posted rate and the actual payment rate.
  • "FX Gain/Loss Receivables Unrealized" - Difference between sales invoice posted rate and the current rate for un-paid amounts
  • "FX Gain/Loss Payables Realized" + "Unrealized" Same as above but purchases.. Can be linked to the same account for convenience if wanted.
  • "FX Gain/Loss Bank Revaluations" - Money gained or lost in bank transactions based on the value of the money deposits/withdrawals vs the current calculated balance
  • "FX Gain/Loss Other Assets" - This calculates the revaluation of asset accounts which have a non base currency (excluding bank + linked A/R + A/P accounts).
  • "FX Gain/Loss Other Liabilities" - Same as assets, but for Liabilities :)

Have a look at our this page for a more detailed explanation:

Foreign Exchange Currencies and Exchange Rates

If you are also getting an 'Opening Balance is out of balance' error, fixing that first will probably also fix this error.

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