Wise Transfers

Hi there TurtleHermit,

It's important that all your transactions be entered correctly for your books to be well balanced. QuickBooks Online is a great tool able to connect to your bank so that you can match them to the transactions in your books. I can provide some information about matching.

QuickBooks Online can match one transaction in the banking tab to more than one in your books, so what can be done is you create the transfer from the chequing account to the USD account by going to the +Newbutton, then Transfer. Enter the amount in CAD for the chequing account, then manually adjust the exchange rate in the text box so that the value in foreign currency is total to the amount that was deposited in the second account.

The second step would be to create the expense for the fees, by going to +New, then expense. Enter the information for this expense, then for the payment account, you'd need to select the bank account from which the money was transferred, which in this case would be the CAD account. Once done, hit Save.

You can then go match these two transactions by going to the Banking tab, then click on the transaction's description. Select find match, then put a checkmark beside both the transfer and the expense to match them to the bank transaction.

If you have any other questions, feel free to reach out here.

Just wanted to start by saying thank you for a prompt response. I have a few further questions below:

"QuickBooks Online can match one transaction in the banking tab to more than one in your books, so what can be done is you create the transfer from the chequing account to the USD account by going to the +Newbutton, then Transfer. Enter the amount in CAD for the chequing account, then manually adjust the exchange rate in the text box so that the value in foreign currency is total to the amount that was deposited in the second account."

The transfer to chequing account already exists as this account is also linked to QBO. Sorry if this was not clear. Using the above solution with this knowledge I would essentially need to manually recreate the existing transfer and turn it into two separate transactions per say. one for the transfer of funds, another for the expense, Is this correct to say?

Thank you again.

What you've described sounds right in terms of making sure you achieve the goal you've reached out about. I encourage you to take that route and let me know if you have additional questions as you go through the process. I'll be one message away. 

Yes and no. My main goal would be so that I take the transfer and I am able to use the match feature to match this to my Wise USD account.

I'm trying to figure out if QBO has that capability currently, to split lump sum amount into an expense and a transfer, record the expense as such, and match the transfer to the Wise USD account

Hi TurtleHermit,

QuickBooks Online enables you to split transactions, when you need to list multiple accounts.  Here's how;

1. Open your Settings ⚙ and select Chart of Accounts

2. Locate the account for the transaction

3. Under the Action column, select Account history

4. Select the transaction, then Edit. 

5. Enter the other accounts to add with the amount

6. Hit Save

The transaction now displays Split in account column.

You can also split transactions from the For review tab in the Banking feature.  Here's a helpful guide for your reference.

Please feel free to contact us if you require additional assistance.  We'd enjoy the opportunity to work with you directly and ensure you're able to accomplish your QuickBooks goals as soon as possible!

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