Could anyone help me understand why the balance sheet bank account value can be different to the actual bank balance under banking. One should mirror the other? Under what circumstance can they be out of sync?
I should add that the bank is in USD. If I am correct the values on the balance sheet will show in GBP. If they are out (considering current exchange rate) how would you correct them so that the balance sheet matches the bank account?
In the bank account settings page there’s should be an option to record a currency loss or gain. This will revalue the current foreign currency balance at the current exchange rate and make a special journal to adjust the balance sheet GBP balance to match. The balancing entry goes to “currency charges” in your P&L.