Thank you for this!  I have been trying to resolve a bank "balance" in a foreign currency account that has been emptied and closed...in this case, a Paypal EUR account. The register showed a zero balance...and the balance sheet showed, magically, a balance of 999.44...

I wasn't able to use A/R (I got error messages)...but here's what I did instead, and I think it worked!

JE #1...currency set to EUR, exchange rate set to 1 EUR = 1 USD

debit Undeposited Funds 999.44

credit Paypal EUR 999.44

JE #2...currency set to EUR, exchange rate set to 1 EUR = 0.000001 USD

debit Paypal EUR 999.44

credit Undeposited Funds 999.44

Now I have a zero balance on the balance sheet AND in the register...