[GNC] GNUCash - Total Assets <> Total Liabilities + Equity

[Sebastian Naumann]

Hi everyone,

I have a small issue here arising, from what I believe, the Exchange rates.

Background:

  * The entity I am working on received a Loan in EUR and decided to set
    their Common Stock Capital to 1000 EUR instead of 1000 USD.
  * The entity operated for one year only and will be closed as of
    12/31/2022
  * All outstanding loans were already reclassed (as part of closing the
    accounts) to other Income as "Cancellation of Debt Income". This is
    approved by the CPA.

The situation at this point:

  * *All Invoices and bills have been paid in full!!!*
  * *Trial Balance is good -> Debits = Credits
    *
  * I closed out all the accounts, including the Bank Account which was
    closed yesterday -> Hence there are $0.00 Assets.
  * On the other side of the Balance Sheet, we only have
      o the Common Stock for 1000 EUR, which is converted to 1062.15 USD
        as of the latest exchange rate used -> *SO FAR SO GOOD.*
      o The Retained Earnings, which are the loss for the current year
        -> *All good here too*.
      o "*Unrealized Losses"* of $116.52, which, from a logical
        standpoint can only come from the FX Adjustment on Common Stock
        (see snip below)
      o Equity + Liabilites is now $21.55 vs Total Assets of $0.00

However, how come this does not balance? Anyone have this issue before?

Mit freundlichen Grüßen

Sebastian Naumann
*US Compliance Manager*



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