cancel
Showing results for 
Search instead for 
Did you mean: 
Melissant
Level 1

I'm using Transferwise with multi currency on Quickbooks, I had a couple questions.

1) When converting between currencies (E.g; USD to AUD) how do I categorize the transfer of money? It's essentially going to send money from one of my list bank accounts (in the USD currency) to the other (in the AUD currency.) 2) Another question I had is when categorizing expenses what conversion rate does it use? Say I get charged $100 USD for something. When filing my BAS expenses or my tax returns, how does Quickbooks work out how much that conversion is equivalent to in AUD currency? Does Quickbooks have its own conversion rates? Thank you for any light you can shed on this.
2 Comments 2
Fiat Lux - ASIA
Level 15

I'm using Transferwise with multi currency on Quickbooks, I had a couple questions.


@Melissant wrote:
1) When converting between currencies (E.g; USD to AUD) how do I categorize the transfer of money? It's essentially going to send money from one of my list bank accounts (in the USD currency) to the other (in the AUD currency.) 

TW is a virtual bank. You may create and manage multi currency accounts. You may categorize the transactions between your own accounts as transfer. TW supports QBO and you may utilize the bank feed feature.

https://prf.hn/l/7gg1NWy

 

Lucas - Product Champion
Content Creator

I'm using Transferwise with multi currency on Quickbooks, I had a couple questions.

Hi Melissant, 

 

When it comes to transferring between accounts that are in different currencies, the process is quite similar to any other transfers, with the addition of a foreign currency and exchange rate field to specify the value of the USD in AUD, or vice versa. As with any transaction in QuickBooks that is using a foreign currency, there will always be a conversion rate associated with that specific transaction based on the automatic exchange rate that the system has recorded, however there is also the option to customise this rate per transaction in the event that there is a discrepancy between the system's automatically recorded rate and your expected rate - take a look at this article for more information and detailed steps. The conversion rates in Quickbooks are pulled from IHS Markit (formerly Wall Street on Demand) - you can find out more about how this works in this article.

 

If you have any other questions about this process, feel free to reply in this thread and we'll be happy to answer any other questions that you have!

 

-Lucas