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Problem zeroing a closed foreign currency account.
We had a Euro bank account which we have now closed. The bank register shows a zero balance. However the Balance sheet shows a Debit balance of £43.44 in GBP.
This balance on the account has to be caused by currency variations. So if we credit the account with €4000 on one day and transfer €4000 a week later even though the account shows zero the two amounts have been converted to GBP on the spot rate showing a difference.
My accountant wants me to journal off the £43.44 to make the balance sheet show £0.00 but the only way to do that is to do a journal in Euro's and that will put a balance on the bank register.
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